Blockchain move from US-based financial giant

JPMorgan, one of Wall Street's leading banks, stands out with its claim of leadership in Blockchain technology. CEO Jamie Dimon stated at the Financial Markets Quality Conference that the bank actively uses this technology. Dimon's statement, who has maintained a cautious stance towards cryptocurrencies, has caused a great impact in the finance sector.

The Digital Evolution of Traditional Banking

JPMorgan's use of Blockchain indicates the acceleration of digital transformation in the finance sector. The Onyx network established by the bank in 2020 stands out as an Ethereum (ETH) based Blockchain platform. This network was developed for wholesale payment transactions, peer-to-peer lending and borrowing, and cross-border payments.

According to Dimon's statements, the transaction volume carried out through the Onyx network has exceeded $700 billion. This figure demonstrates the potential of Blockchain technology in the banking sector. Leading financial institutions such as Goldman Sachs, DBS Bank, and BNP Paribas are also among the users of the Onyx network.

Dimon's positive approach towards Blockchain technology contradicts his previous anti-cryptocurrency statements. Dimon had previously used the analogy of "a pet rock" for Bitcoin (BTC). However, he now describes the Blockchain network as a "great way for data sharing."

This situation indicates an increasing interest of traditional financial institutions in Blockchain technology. Banks aim to reduce transaction costs and increase efficiency by using this technology.

On the other hand, Dimon's skeptical attitude towards cryptocurrencies continues. The JPMorgan CEO used the expression "Cryptocurrency... I call it a pet rock" at the conference. This statement emphasizes the distinction between Blockchain technology and cryptocurrencies.

These developments in the finance sector are reshaping the relationship between traditional banking and new generation financial technologies. JPMorgan's pioneering role in the use of Blockchain may encourage other financial institutions to take similar steps.