Pang Huadong, former VP of JP Morgan Chase, who now works as an academic advisor for the Asian Blockchain Institute, was quoted as saying during a recent interview with a respected Chinese media outlet that “Blockchain (technology) may be the key to avoiding the next global financial crisis”.
Additionally, Huadong also added
“In June 2007, after graduating from the Massachusetts Institute of Technology (MIT), I worked in JP Morgan Chase’s Fixed Income Self-Management Department. At that time, 13 people managed JP Morgan’s more than $40 billion. When the 2008 financial crisis was the worst. The average daily loss is 300 million US dollars. It is only gradually understood that blockchain technology may be the key to avoiding the next world-class financial crisis.”
More on the issue
Many of us may already know that the 2008 recession was caused primarily due to a system of repackaging and reselling subprime loans— something that could have been avoided if blockchain technology had existed back then.
Blockchain platforms make use of public ledgers that maintain accurate records of all individual transactions taking place between various financial institutions. Since many of the aforementioned bonds were being traded by different entities without formal checks, the US economy as a whole was subject to a host of financial deficiencies all through the early 2000’s.
While it’s quite rare for someone who was formerly part of the financial mainstream to commend blockchain technology, Huadong’s statement only goes to show how blockchain and cryptocurrencies (if used wisely) can introduce a level of transparency and trust that has never been witnessed by the masses before.
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