JPMorgan: Blockchain to improve payment systems

cizatext

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Quote from: Unblock_news on January 31, 2019, 03:08:08 AM

JPMorgan global research chair Joyce Chang said that while blockchain still has issues on its technology and cryptocurrency use, it will make improvements to payment systems in two to three years from now.

Read more here: https://www.unblock.news/news/jpmorgan-blockchain-to-improve-payment-systems

Indeed we can not deny that fact, blockchain technology have enhanced and improve the financial system and brought about fast and secured payment system and have help to bring the world into one global system without boundary despite the fact that the blockchain face some challenges at some point.

daarul50

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I strongly agree that the blockchain can improve the payment system in the future because I consider that the payment system currently in use is very inefficient even I can say it is very complicated. Different when using blockchain technology, transaction data is very transparent and guaranteed security even transactions that use blockchain technology do not take a long time, are very effective for people who make transactions over long distances.

jointherevolution

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It is smart from the current economic system to want to get in on blockchain tech. This is one of the ways they may have success to compete with cryptocurrencies. People do not like the current economic system that gives favor to rich and makes them richer and will look for any way to upset the balance.

Idrisu

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Quote from: Unblock_news on January 31, 2019, 03:08:08 AM

JPMorgan global research chair Joyce Chang said that while blockchain still has issues on its technology and cryptocurrency use, it will make improvements to payment systems in two to three years from now.

Read more here: https://www.unblock.news/news/jpmorgan-blockchain-to-improve-payment-systems

If this is truth then jpmorgan is tell us that in two to three years to come bitcoin and cryptocurrencies will be adopted as a mode of payment for goods and services and that in turn is going to affect cryptocurrencies market pricing.

Crypdon

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The problem right now is transaction times and scalability. Ripple is fast but is designed for financial industries. Stellar is a good option as they are partnered with IBM so they can create the necessary payment tools

Willitivity

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There is no doubt in what he said, Blockchain technology is gradually becoming the rave of the moment, but some in-house jobs need to be done for massive adoption. Certain things need to be addresse, Blockchain should be restructured and given more recognition as a payment system rather than just a speculative asset.

Kemarit

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Quote from: adamlillian on February 07, 2019, 08:38:52 AM

Our blockchain technology is really great, but it's still difficult to serve a large number of banks and customers on a daily basis.
Joyce Chang said that blockchain technology should be separated from electronic money to develop in other areas for technology. because the value of bitcoins has decreased significantly compared to the cost of bitcoin mining.
It seems that Chang really doesn't like the crypto market and just likes blockchain technology.

LOL. Of course you should know where they're coming from. It's pretty obvious that those banking or financial institutions hate Bitcoin but love the technology behind. And yes, I would have to agree that Blockchain Technology should be separated from crypto in some cases. The problem is that when people heard Blockchain Technology, Bitcoin comes first to their mind. But we all know that this technology can be applied to almost any another industry, like logistics, supply chain even in electoral process, but it should be private blockchain, IMHO.

shitcoinoffering

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Cryptocurrencies must be filtered to become a payment way... Many cryptocurrencies need to be updated (safety, transaction speed, convenience, etc).
Another problem is a volatility - it is not so high now but it doesn't allow to use it as a payment way because it is difficult or even impossible to measure fair price.
Are stable coins a decision to solve all these problems?

adamlillian

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Our blockchain technology is really great, but it's still difficult to serve a large number of banks and customers on a daily basis.
Joyce Chang said that blockchain technology should be separated from electronic money to develop in other areas for technology. because the value of bitcoins has decreased significantly compared to the cost of bitcoin mining.
It seems that Chang really doesn't like the crypto market and just likes blockchain technology.

PlusOne88

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Well nothing is really going to last forever and issues will always be there. Blockchain will eventually evolve to better serve its purpose. It has been so helpful for so many times since it had been used with cryptocurrency. With some issues around it would be good not to be bothered by any of these and must continue to keep the services better. It would be better if blockchain could be ugraded even before other payment system so as to keep cryptocurrency on top of it in order to give more emphasis on its progress and push the new era of payment systems better than their own.

wahyu wida

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Quote from: HODL2090 on February 06, 2019, 02:46:31 PM

I totally agree with the statement, the blockchain has huge potential to disrupt the payment sector. With improvements in key areas and launch of more projects to support more transactions and make it more user friendly, blockchain could go mainstream.

with all the advantages of blockchain, of course people will look for something more effective. therefore I think the use of blockchain will continue to increase. and this will have a good impact on cryptocurrency

d5000

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If Bitcoin - and cryptocurrencies in general - solve their scalability/usability/stability problems, then banks will have to re-think their business model. For example, if Bitcoin was to become massive, for many people bank accounts would no longer be necessary and could become a niche business.

So I disagree with Chang that they couldn't "reinvent the global payment system". Payment can be completely revolutionized by cryptos and blockchains. But banks like JP Morgan have many reasons to issue "cautious" statements about them, as they may be afraid of a massive Bitcoin adoption.

However, it's the loan business that banks will most likely to retain for a long time, as they have most experience in risk management. I haven't seen convincing, rivalling decentralized projects - while with a DAO/token system, loans for businesses would be probably possible, "private" loans are very, very difficult to conceive in a decentralized way.

Quote from: shield132 on February 06, 2019, 04:43:10 PM

mastercard has patented a proposed system for the launch of multi-currency blockchains. This is a new great begining [...]

Multi-currency blockchains are actually quite old Wink

I would like to know what Mastercard's system is improving with respect to Omni, Ripple, NXT, Ethereum (to name some of the oldest) and their newer friends like EOS or NEO.

shield132

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Everytime I hear JPMorgan, I automatically think about JCPenney lol.
Blockchain technologies are really great invention, also as I know mastercard has patented a proposed system for the launch of multi-currency blockchains. This is a new great begining too, I am even amazed why weren't they interested in it even some years ago.

Akpuv

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Quote from: Unblock_news on January 31, 2019, 03:08:08 AM

JPMorgan global research chair Joyce Chang said that while blockchain still has issues on its technology and cryptocurrency use, it will make improvements to payment systems in two to three years from now.

Read more here: https://www.unblock.news/news/jpmorgan-blockchain-to-improve-payment-systems

Such a good news from JPMorgan. I know they have a good and positive view of the blockchain technology, which is why I am very certain of the future of cryptocurrency.

HODL2090

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I totally agree with the statement, the blockchain has huge potential to disrupt the payment sector. With improvements in key areas and launch of more projects to support more transactions and make it more user friendly, blockchain could go mainstream.

89squad

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Quote from: rose9696 on January 31, 2019, 03:13:15 AM

Quote from: Unblock_news on January 31, 2019, 03:08:08 AM

JPMorgan global research chair Joyce Chang said that while blockchain still has issues on its technology and cryptocurrency use, it will make improvements to payment systems in two to three years from now.

Read more here: https://www.unblock.news/news/jpmorgan-blockchain-to-improve-payment-systems

future banks will have to use blockchain technology and big commercial enterprises like Amazon, Alibaba, Lazada, ... all need to use blockchain technology if they don't want to be left by other businesses behind. Our world is more and more modern and blockchain technology gets even bigger advantages.

"should". In order for this to happen, not enough time must pass. Until they introduce these technologies, until the government regulates them, more than one year will pass. But in the future I am satisfied with such a future.

n0ne

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Being one among the top financial institutions person coming up with such a statement is really appreciable. Blockchain, an innovation that can be used on each and everything upon the need. As of now it isn't spread around, it has just started over a corner and it has got issues. Probably everything goes good in two to three years time as everything is adoptive to Blockchains.

diazepam666

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Quote from: Unblock_news on January 31, 2019, 03:08:08 AM

JPMorgan global research chair Joyce Chang said that while blockchain still has issues on its technology and cryptocurrency use, it will make improvements to payment systems in two to three years from now.

Read more here: https://www.unblock.news/news/jpmorgan-blockchain-to-improve-payment-systems

JPM many shared critics and some good deeds about crypto currency. All they want is to have crypto which is really friendly to them alone. They do not want the transparency, anonymous and open payment system. These will reduce many people business through out the world. We really do not need to concentrate on the wolf. We may wait for any whale's adoption instead of that.

lyfecoin

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Quote from: netto7 on January 31, 2019, 01:27:40 PM

i think JPMorgan want people to buy bitcoin to pump price

have many people forgot about Jamie Dimon said He Doesn’t Give a Sh*t About It.

but JPMorgan buy a lot of bitcoin price drop after her said.

Blockchain is not bitcoin .
blockhain is the technology behind bitcoin..there are many companies implementing blockchain in their ecosystem/applications

Harlot

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Quote from: davinchi on January 31, 2019, 09:20:45 AM

Just the other day someone shared a news from same JPMorgan who said bitcoin was a bust.
Can they please decide on what they feel about crypto currencies ?
Do they just want to see blockchain succeed whereas bitcoin and all other cryptocurrencies fail? Is that what they want ?

I mean how do they expect blockchain to be something huge while they think cryptocurrencies are a bust while the cryptocurrencies are based on the same blockchain they praise so much. You can't have one without the other, if blockchain can improve the payment systems that well then we already have the bitcoins and ethereums to prove that they are right and that is why we love the cryptocurrencies so much.

Either love both of them or hate both of them but they do not have the luxury to love one and hate the other.

It's more on the technology behind cryptocurrencies really, they can say whatever they want on cryptocurrencies having no monetary value and it will be only be money of a dystopian world but they personally know that Blockchain technology is a good feature to add into their system. They haven't said anything bad on the tech but the cryptos itself and even though they are saying harsh words to cryptos they know that they are using a part of it in the future, so I guess they are somehow eating their words for saying cryptocurrencies are a worthless creation.

Topic: JPMorgan: Blockchain to improve payment systems (Read 275 times)