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October 16, 2018

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JPMorgan Chase tries to keep pace with new patent

 

Last year JPMorgan Chase developed their own Ethereum based blockchain called Quorum. They have now flied a patent that brings together internal ledgers with distributed peer-to-peer network ledgers, such as Ethereum or other blockchains.

 

The transactions are submitted “in one consolidated posting across multiple financial institution entities and branches, instead of in many separate instances”, which will provide universal access to the ledger of data, but takes out the hashing process of mining that actually turns the string of transactions into a chain of blocks. The technology could even prove to disrupt the adoption of Ripple which provides this same service.

 

Patent Problems

 

In 2013 JP Morgan Chase filed and was rejected for a patent for “Method and system for processing internet payments using the electronic funds transfer network” - the system was extremely similar to Bitcoin, but was actually anonymous:

 

A computer-implemented system of providing an anonymous payment from a mobile device to a payee device to enable an electronic payment between a payer and a payee without provision of an account number or name from the payer.

 

Last month JPMorgan Chase was sued for a patent they filed on a cloud-based digital content authorization platform.

 

Contradictory stance?

 

In January 2014, CEO Jamie Dimon told CNBC that Bitcoin is “a terrible store of value. It could be replicated over and over.”

 

In September 2017 tried to completely debase Bitcoin and cryptocurrencies saying it was a “fraud” and that he would fire any employees for having Bitcoin because they’re “stupid.” He made sure to distinguish between Blockchain and Cryptocurrencies, but this doesn’t explain what would make Bitcoin a fraud.

 

The next month in October 2017 JPMorgan Chase developed their enterprise blockchain Quorum using the Ethereum model - which was created using the Bitcoin model. This could be in relation to the blockchain templates for the Ethereum network now available through Amazon Web services. It is likely the Ethereum network will see much more frequent use-cases.

 

In January 2018 Dimon said he regretted calling Bitcoin a fraud - "The blockchain is real," Dimon added in the interview. "You can have cryptodollars in yen and stuff like that. ICOs ... you got to look at every one individually.

 

 

By: BGN Editorial Staff

 

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