Christine Moy will become the leader of JPMorgan Chase’s Ethereum-based Interbank Information Network (IIN). Bored of Blockchain Technology?
Was not the Blockchain what JPMorgan expected?
This week the SIBOS banking conference was held, where Jamie Dimon, CEO of JPMorgan, was unenthusiastic when discussing Blockchain technology.
In fact, the media outlet Ledger Insights assured that Dimon claimed on the Blockchain that there has been “very little effective use.”
Even so, the financial institution has several projects linked to the Blockchain. Including tokenized payments initiative JPM Coin and the Interbank Information Network (IIN), a payment messaging network with more than 400 banks that helps with cross-border payment compliance.
The objective of the IIN is to solve certain challenges that exist when it comes to exchanging information interbank.
Therefore, according to a statement sent to CoinDesk, Christine Moy will assume the leadership of the IIN. Nonetheless, Moy will continue to lead the Blockchain Center of Excellence.
Dimon noted during the most recent conference that he believes his team, targeting Moy, is building “what I think is brilliant, IIN”
“We are at the forefront in trying to use blockchain for various things. It is expandable and will drastically reduce fraud problems and the like »added Dimon.
Technology in full adoption
Blockchain technology has had to go a long way to gain the recognition it has today. Various projects are already witnessing the transformative potential behind such technology.
Without a doubt, should JPMorgan succeed in developing and advancing its Blockchain and its implementations, the banking institution will easily rank above the rest.
A few years ago there were few who trusted in the innovative potential of the Blockchain, today the benefits of the implementation of this technology are being discussed.
And of course, JPMorgan is not the only financial institution in this Blockchain technology development and implementation race.
Other banks are already offering products and services based on the Blockchain; like financial giant SBI planning to launch its first security token this month.
Not to mention the accounting giant KPMG who wants to launch a solution based on Blockchain technology to help organizations measure, report and offset their greenhouse gas emissions.