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Blockchain, Cryptocurrency-Despite the current valuation status of major cryptocurrencies, while Bitcoin has fallen to its lowest level in 2019, JPMorgan indicates that the adoption and growth of the block chain, even outside the sector crypto, are real and booming.
While some have adopted the blockchain as a buzz indicator for the troubled cryptocurrency industry, JPMorgan still sees the technology as a source of significant progress for industries around the world. Their badysis concludes that cryptocurrency-based blockchain can be misleading for the average adopter, as the real potential of technology is not to reinvent the world of money for financial technology, and many in cryptocurrency. currency have come to argue.
Speaking in a meetingJoyce Chang, president of JPMorgan's global research, said:
"Blockchain is not going to reinvent the global payment system, but it will bring marginal improvements. The most significant impact is likely to occur in the next three to five years and will focus on trade finance.
According to the report released by badysts at JPMorgan, a group led by Chang, blockchain systems based on finance are the most obvious solution, considering the significant potential gains from increased efficiency. However, the use of the blockchain is not limited to the financial and banking sector, which includes extending its influence beyond that of cryptocurrency. Chang finds that the crypto-compiled solution of using the blockchain for transaction verification and registration is the sector's most beneficial development, even though different currencies are struggling to find their place in society. .
Chang then listed a number of banking institutions, including Banco Santander, as being at the forefront of blockchain use. However, the interview also includes a relevant highlighting of the interbank information network, developed by JPMorgan and optimized by an Ethereum-based blockchain, as an example showing that banks are using this technology for improve information sharing.
The blockchain, however, is not without its pitfalls, including the most pressing concern for Bitcoin fans and the widespread adoption of cryptocurrency. Chang emphasizes that scalability is the most urgent concern, stating:
"His four real challenges are scalability, integration, profitability and regulation."
Although large public books can be the backbone of crypto-currencies, they have not yet overcome the real obstacle of adapting to widespread conviviality. Although coin prices have fallen more than 80-90% since their highest level reached in early 2018, the blockchain has been designated as a resilient feature leveraged by the crypto industry. However, the bullish trend of Bitcoin in December 2017, which spurred sharp transaction costs and tight turnaround times, proves that there is still much to be done before blockchain's security benefits and large bookkeeping can be used daily currency.
Chang accuses some of the market's decline of the difficulty of convincing regulators to yield to cryptocurrency, in addition to indicating that the way forward for blockchain could be a divergence from cryptocurrency,
"It was difficult to solve the regulatory problems … We need to separate the blockchain from the crypto. Progress has been made in blockchain and successful operations. "
Image title courtesy of BeatingBetting.co.uk
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