JPMorgan, IBM: Too Early To Talk About Widespread Blockchain Adoption
Some experts believe that blockchain is currently used only on a small scale, and it is still too early to talk about the widespread adoption of the technology, The Wall Street Journal (WSJ) reports.
Experts discussed the use of various innovations in business at a meeting organized by WSJ for IT directors and experts from the largest companies of the industry. Also, the meeting was attended by startups and government officials.
Though blockchain technology has found real application in enterprise systems, its use in other areas is insignificant, Christine Moy, the executive director of the blockchain center of excellence at JPMorgan Chase, believes. However, these several use cases evolve into something more, the expert added.
Bridget van Kralingen, the senior vice president of global platforms of IBM’s blockchain division, also believes that DLT technology will eventually be more widely used in business. In particular, blockchain can optimize the work with large volumes of documents and verify them. However, van Kralingen is sure that this time has not come yet.
At the same time, IBM continues to develop its own DLT-based solutions, and in February, it launched the mainnet of its blockchain in the Australian city of Melbourne. IBM's decentralized network is based on the Hyperledger technology and allows controlling interbranch processes. The corporation is already running data storage and processing centers in London, Tokyo, Toronto, and several US cities.
Previously, JPMorgan bank promised to make its own cryptocurrency available for retail payments.