In an interview with Ron Karpovich, JP Morgan Chase e-commerce solutions, cryptographic innovation will ultimately lead to the use of funds through banks.
He said banking will be more about partnerships than competition, asking how to respond to competitors using passwords and block chains. Finally, at the end of the day, behind the scenes, cryptographic innovation should be able to move funds through banks. The subsequent settlement is not a profitable business and growing business, he said, because no one pays for settlement. One of the hardest things he said was that if the resources were scarce, a big and efficient player would be needed. It is predicted that integration in the payment field will occur.
Meanwhile, he denied JPMorgan’s recently announced JPM coin, which is a self-encrypting code, to be a policy change. “There is a difference in using block-chain technology to improve the payment infrastructure by trading in cryptographies that exist all over the market,” JP Morgan said. “We are looking at block-chain technology as a way to get things done quickly and cheaply. For more information, please click here .