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A quick glimpse of Blockchain and its Revolutionary Applications
The Blockchain technology was created originally to serve as a digital ledger for transactions with Bitcoin. Its almost revolutionary modus operandi allows information to be distributed but not copied, creating the foundation for a new type of internet.
Even though its creation was bound to a specific aim, there is no reason for something so ingenious to be restricted only to the world of cryptocurrency, right? Blockchain, in fact, can be programmed to distribute information about transactions of any other type of value – and this has not passed unnoticed. This can be clearly seen as the technology is being adapted and utilized to enhance several markets ranging from voting and real estate to online entertainment and gambling and cloud storage.
At a press conference held in Buenos Aires on 23rd August 2018, the CIO of JP Morgan Chase, Lori Beer, made quite a bold statement in that regard. She was reported saying: “We will see a greater and wider use of blockchain […] In a few years blockchain will replace the existing technology, today it only coexists with the current one.”
This might sound quite controversial coming from JP Morgan Chase, whose CEO, Jamie Dimon, only as recently as last year didn’t have kind words for bitcoin and called it “a fraud”. True, but then the very fact that this institution not only appreciates the blockchain, and even plans on building its own, certainly show that the technology has some merit, to the very least. However, it must be said that Dimon did then later regret his comments.
The Advantages of Blockchain Technology
- especially as they involve reducing costs and improving safety
- the process for payments will be simplified
- the clients’ data will be stored more efficiently and safely.
Because the information on a blockchain is shared, it is virtually impossible for hackers to corrupt its location as it’s not centralized; and because the information is public and easily verifiable, money laundering will be much easier to keep under control.
Experts on Blockchain
Lori Beer even went further, stating that some experts at JPMorgan Chase are exploring the possibility of using cryptocurrency – only, that is, if they are strictly regulated.
However, according to Beer, JP Morgan is not only looking at profit and cost reduction but into a much bigger picture. They deem blockchain to be the future and they quoted it as one of their three main priorities at the moment – the other two being APIs and Artificial Intelligence.
With these premises, it’s clear that they are envisioning a big change in the system and that they would want to be part of the driving force behind it.
JP Morgan is in good company! They are certainly not the first hounds to smell truffles and quite a few other companies are investing in the blockchain technology as well as experimenting with it to find revolutionary ideas.
This should say a lot about the potential of blockchain: if even a traditional institution such as a bank could show a strong interest in the technology and its potential, it means that something truly great and revolutionary could come from it.
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