JPMorgan: Blockchain is the Real Deal, Get Off the Sidelines

JPMorgan Chase and consultants Oliver Wyman have joined calls for traditional investment banking to “embrace the Blockchain” or be left disadvantaged.

Also read: Forex Expert: Bitcoin Should Be Taken More Seriously

JPMorgan: ‘Get Off the Sidelines’

3036633-poster-p-1-chase-is-so-scary-hackIn a joint report issued last week, the firms described the current industry mood as “a consensus… forming that [Blockchain] is the real deal.”

“Disregarding it is a risk,” they write.

Wyman and JPMorgan, the latter already heavily invested in ‘testing the water’ regarding Blockchain particularly for payments, highlight what they see as a lack of activity on the part of asset managers. They argue in the report:

The blockchain journey is likely to be long and the outcome is uncertain […] asset managers need to get off the sidelines and take the initiative to understand and embrace blockchain.

Last week similarly saw a report by consultancy firm Bain Company which criticized banks for adopting a “wait and see” approach to growing innovation, something which could leave them “flat-footed” and vulnerable to competition and revenue collapses of up to $150 billion.

JPMorgan and Wyman however adopt a more measured tone.

“Initially, we expect the first two waves to be focused

Read more ... source: TheBitcoinNews