JP Morgan to roll out digital service in UK

JP Morgan said it will also stop financing new oil and gas development in the Arctic. File

JP Morgan said it will also stop financing new oil and gas development in the Arctic. File

While we see widespread implementation of blockchain solutions at least three to five years away, challenges such as the macro-economic environment, legal and regulatory frameworks and technical challenges-such as cross-platform integration-may decelerate further progress.

JPMorgan has said that blockchain technology has become the foundation for digital currency and fast payments, according to a report by the financial conglomerate.

JPMorgan's most recent Perspectives report claims that blockchain is still years away from achieving mainstream adoption, despite making strides among certain sectors.

Wall Street investment bank JPMorgan Chase told investors Tuesday it will take a number of new environmentally conscious steps meant to phase out fossil fuels and mitigate climate change. Another German digital bank, Fidor Bank, also quit the United Kingdom past year.

"For a stablecoin like Libra to succeed, it will likely require short-term liquidity facilities, a source of positive-yielding reserve assets, and less distributed, semi-private networks".

Jessica Mulroney denies registering charity website for Meghan Markle, Prince Harry
The Sussexes' critics have taken goal at this assertion, with their most vocal critic, Piers Morgan, slamming the couple on Twitter .

Blockchain is promising for banks and corporations, if they can figure out how to use it.

JP Morgan itself is one of the banks involved in the development of blockchain and crypto assets. Also, the huge gap between Bitcoin market capitalization and its intrinsic value yet corrected by the price recovery is another obstacle on its way to investors' portfolios.

"Developments have not altered reservations about the limited role that cryptocurrencies play in global portfolio diversification or as a hedging instrument", JPMorgan warns.

They argue that crypto acts as a "hedge" to protect their investments from loss of confidence in traditional currency. "Payments, trade finance, and custodial services remain the clearest use cases for blockchain", it said. "The supply chain structure viewed as ripe for disruption is often a limiting factor in an industry still in the early days of leveraging data analysis, let alone applying new technologies".

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