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JPMorgan CEO Cautious on Blockchain Tech Despite New Partnership

(@pete_rizzo_) | Published on September 18, 2015 at 22:58 GMT
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JPMorgan CEO Jamie Dimon issued new remarks on bitcoin and the blockchain as part of the Barclays Global Financial Services Conference in New York today.

During a 40-minute question-and-answer session, the noted bitcoin skeptic suggested that JPMorgan is optimistic about the potential use cases for bitcoin's underlying distributed ledger, the blockchain, and other distributed ledgers.

According to a report by American Banker, the CEO further spoke to the growing interest among major banks in blockchain technology and its applications, stating:

"We have a study group on this whole thing. I think most of the banks do at this point."

However, he cautioned that it's still unclear whether blockchain-based solutions will be more efficient and secure than post-trade financial services products such as those offered by companies like Depository Trust & Clearing Corp.

The statements followed the news that the global financial giant had partnered with distributed ledger startup R3CEV alongside companies including BBVA, Credit Suisse, Goldman Sachs and UBS.

As part of the deal, announced Tuesday, R3CEV will work with JPMorgan and its eight partner banks on unspecific proofs-of-concept relating to use cases for blockchain technology.

BankingJPMorganR3CEVWall Street

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