JPMorgan: blockchain is promising

It may be surprising to some people, but the well-known financial holding company JPMorgan Chase invests in blokcheyn. Umar Farooq, a banker who became blokcheyn department leader of JPMorgan, said the bank uses blokcheyn and is not ashamed of his connection with Bitcoin. This week, he appeared at the summit Yahoo Finance All Markets for cryptocurrency in New York.

He spoke of the "active cooperation" with blokcheyn within the company, as the teams for all banking operations are increasingly turning to distributed accounting technology as a possible solution of the problems.

Farooq said that while the industry says that blokcheyn - it was good, and the Bitcoin - bad, of JPMorgan, a leading US bank, has an opinion on this matter. "We all believe in what blokcheyn - useful technology. I would not so much say that cryptocurrency - it is uniquely bad. I would say that this is a moot point. "

According to him, the big problem is related to the rules of "Know your client» (KYC) and Anti-Money Laundering (AML).

" Everyone I talk to in the banking industry, regulators, central banks, - all see the potential of technology. I would not say that cryptocurrency - it's bad, but I think that they need evolution ", - he said.

JPMorgan plans to soon release a product based on Bitcoin for retail investors. Bank officials say: "At the moment all the study material. After a policy that reflects the KYC and AML, we study vozmzhno ways to implement. "

Meanwhile, studies of JPMorgan blockchain technology over the past two years, developing of Quorum, based on Ethereum, open source. Farouk expects blockchain will "radical impact" on some of the banking business, especially in regard to the maintenance of confidence between the parties. "There is always a trusted advisor role in this matter," - he said, adding that the bank can provide the infrastructure and to create full transparency.