Jamie Dimon: JPMorgan Chase could be one of the leading users of blockchain, acknowledging its value

At the Financial Market Quality Conference, Jamie Dimon, CEO of JPMorgan Chase, stated that the bank could be one of the leading users of blockchain technology. Despite Dimon's long-standing skepticism towards cryptocurrencies, once referring to Bitcoin as a "pet rock", he acknowledged that blockchain is a "good way to share data" and build trust between banks and customers. In 2020, JPMorgan Chase created its private network Onyx based on Ethereum for wholesale payments, peer-to-peer lending and cross-border payments. To date it has processed over $700 billion in transactions with clients including Goldman Sachs, DBS Bank and BNP Paribas among others. Dimon also pointed out that although blockchain technology has been around for 12 years, its development still seems slow compared to artificial intelligence (The Block).