JPMorgan Chase has announced that Blockchain leader Christine Moy will now become the leader of the Interbank Information Network.
Christine Moy will become the leader of JPMorgan Chase’s Ethereum-based Interbank Information Network (IIN). Bored with Blockchain technology?
Was the Blockchain not what JPMorgan expected?
This week’s SIBOS banking conference saw JPMorgan’s CEO Jamie Dimon take a dim view of the Blockchain technology.
In fact, media outlet Ledger Insights reported that Dimon said there has been „very little effective use“ of the Blockchain.
Even so, the financial institution has several projects linked to the Blockchain. These include the JPM Coin tokenised payments initiative and the Interbank Information Network (IIN), a payment messaging network with more than 400 banks that assists with the fulfilment of cross-border payments.
The objective of the NIB is to address certain challenges that exist when exchanging information on an interbank basis.
Therefore, according to a communication sent to CoinDesk, Christine Moy will take over the leadership of the NIB. However, Moy will continue to run the Blockchain Centre of Excellence.
Dimon said 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 of trying to use blockchain for various things. It’s expandable and will dramatically reduce problems with fraud and things like that,“ added Dimon.
Technology in full adoption
The Blockchain technology has had to go a long way to obtain the recognition it has today. Several projects are already witnessing the transformative potential behind this technology.
Without a doubt, if JPMorgan manages to develop and advance with its Blockchain and its implementations, the banking institution will easily place itself above the rest.
A few years ago few people trusted the innovative potential of the Blockchain, today there is a discussion about the benefits of implementing such technology.
And, of course, JPMorgan is not the only financial institution that is in this race to develop and implement the Blockchain technology.
Other banks are already offering products and services based on the Blockchain; such as the financial giant SBI which plans to launch its first security token this month.
Not to mention the accounting giant KPMG that wants to launch a solution based on Blockchain technology to help organizations measure, report and offset their greenhouse gas emissions.