The CIO of JPMorgan, Lori Beer, is a big believer in blockchain technology and during a press conference in Buenos Aires some time back, she was noted as saying “blockchain will replace existing enterprise level technology fairly soon”.

Additionally, during the press conference, Beer announced that JP Morgan was looking to invest further within the Argentinian capital because of the nation’s well trained and educated labor population.

More on the matter

After talking about the banking sector at length, Beer then spoke about other niche areas her company was looking to explore. Some domains of particular interest for JPMorgan included artificial intelligence, blockchain technology, and cryptocurrencies.

In regards to how she saw the future of blockchain tech, Beer was noted as 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.”

She then went on to add:

“We are following multiple paths, we invented a blockchain in open source Ethereum, the existing blockchain technology had not solved the issue of privacy and scalability that we needed, we are connected to Hyperledger and the Enterprise Ethereum Alliance. more important the implications for the business than the technology specifically, we seek not only cost reduction but opportunities for the development of new products.”

Final Take

Even though Beer appeared to be highly optimistic about cryptocurrencies and their monetary potential, when quizzed about the possibility of JPMorgan directly dealing with digital currencies in the near future, Beer said that her organization only supports “financial commodities that are regulated”. However, she also added that her company is in the process of “evaluating cryptocurrencies” before they are embraced with open arms.

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