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

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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

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