Blockchain is the trend nowadays, and it has been gaining more attention and traction globally. It is more than just the foundation for cryptocurrency; in fact, blockchain technology is transforming industries, from finance and banking to art and entertainment. It has become popular for numerous reasons, namely serving as a more secure and transparent platform for conducting transactions, as well as its ability to remove the need for several intermediaries.
JPMorgan Chase is one of the leading companies investing in the application of blockchain for its business and holds the honor of successfully executing cross-border transactions in a private, permissioned blockchain network. It has even ventured into space technology to execute test transactions between satellites.
At its heart, blockchain technology is a cryptographically secure and decentralised database. This ledger, also called a blockchain, enables parties to execute and record transactions without the need for a central clearing authority. This not only reduces the costs of transactions but also slashes the processing time to a matter of seconds, instead of days. It also prevents tampering with data, ensuring that it remains secure and accurate – all to the benefit of the network participants. There are private networks and public networks, depending on the number of parties who control the nodes in the blockchain.
A new trend is emerging, fuelled with the combination of blockchain, AI and Machine Learning, which are projected to become commonplace by the end of the decade. This development is expected to drastically alter the way transactions are executed and digital ownership is viewed, powered by tokenization and shared ledgers. Smart contracts have also become a popular requirement for blockchain developers. Furthermore, the rise of Non Fungible Tokens (NFTs) are providing a means for users to monetize loyalty and community, from digital art to tweets.
Suresh Shetty is the Chief Technology Officer for Onyx by JP Morgan and is an experienced technology practitioner of nearly two decades. He holds a deep understanding of blockchain, blockchain engineering and data security, and is eager to further propel this technology in the finance sector. His clear and insightful vision looks to harness blockchain to its full potential, and merge it with the latest suite of technologies to see faster returns.
JP Morgan’s Onyx is the first of its kind blockchain solution, with a wealth of multipronged partnerships and collaborations, this provider holds tremendous potential to bring forth the transformational benefits of blockchain. Leveraging its expertise in scalable and secure blockchain engineering, they are well-positioned to deliver enterprise-ready solutions. Highly experienced in finding the best use-cases for blockchain, it is time to keep an eye out for more exciting developments to come from this ambitious team.
