Why JP Morgan’s Blockchain Patent Application Is Not That Surprising

jp morgan blockchain application in not surprsing

However, JP Morgan’s strategies didn’t always seem to line up with the opinions of their CEO, as in Nov. 2017 the bank announced that they planned to trade Bitcoin futures on the Chicago Mercantile Exchange (CME). In December 2017, a strategist at the bank had gone so far as to say that regulated futures markets give Bitcoin legitimacy.

P Morgan once again caused a bit of an upheaval within cryptocurrency circles last week - this time with the publication of their peer-to-peer (P2P) payments network patent application based on distributed ledger technology, like blockchain.

“Bitcoin is a fraud”
The Jamie Dimon/JP Morgan saga of 2017 is still fresh in the minds of crypto enthusiasts. It all started with Dimon’s now-infamous words calling Bitcoin a “fraud” in September 2017. Shortly after that, in a somewhat confusing move, JP Morgan purchased a chunk of Bitcoin.

Criticism was never labeled against blockchain
While their skepticism surrounding Bitcoin and cryptocurrencies is clear, JP Morgan, and Jamie Dimon, never expressed any animosity towards blockchain’s legitimacy. In fact, JP Morgan is one of the underlying technology’s earliest supporters and testers.

How does Ripple work?
Ripple connects banks around the world and enables them to offer real-time cross-border payment services to customers. Cross-border payments in the traditional sense require a number of intermediary companies to execute which means transactions can take up to four days to complete.