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Lori Beer said that blockchain will “replace existing technology” in a few years: “We will see a greater and wider use of blockchain. In a few years blockchain will replace the existing technology, today it only coexists with the current one”.

Beer explained that JP Morgan uses blockchain technology to “simplify the payment process and to store customers’ information related to KYC (Know Your Customer) policy.” She also said that blockchain technology helps to prevent money laundering. Beer further explained the use of blockchain technology by the bank:

“We are currently following many paths. We invented a blockchain with an open code based on Ethereum. Actual blockchain technology has not yet resolved issues with privacy and scalability that we needed. We are connected to Hyperledger and Enterprise Ethereum Alliance. The application of this technology in business is more important to us than the technology itself. We are looking not only for cost reduction, but also for opportunities to develop new products.”

The executive was asked about JP Morgan’s position on buying cryptocurrencies. She explained that the institution only supports what is regulated and has specialists who are “evaluating what is happening” with virtual currencies.

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