Jamie Dimon, chairman and CEO of JPMorgan Chase, participated in the Financial Inclusion Forum at the Treasury Department in Washington, in December 2015.PHOTO: AFP/GETTY IMAGES
JPMorgan Chase & Co. the biggest U.S. bank by assets, is looking to blockchain, a digital currency platform, to streamline deals, the Financial Times reported Sunday. Blockchain is the technology behind online payment system bitcoin, and leaders from the bank said it would make many types of transactions quicker and more accurate.
“Blockchain will be big in everything related to settlement, and not just loans. While it is still early days, the technology looks very good,” Daniel Pinto, head of JPMorgan’s investment bank, told the Financial Times.
Blockchain works as a public ledger, storing information on transactions without the intermediary of a central banking authority. While bitcoin and cryptography like it were at first limited to a fairly niche audience, JPMorgan has sought to lead an industry shift toward this kind of information-sharing. The company teamed up with Digital Asset Holdings, a digital technology company run by former JPMorgan executive Blythe Masters.
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