Crypto still feebly grasping for a use casehome/Business/Business Columns/Crypto still feebly grasping for a use caseBANKING giant JPMorgan Chase created a momentary blip last week with the announcement that it had developed a prototype cryptocurrency, the first among major banks. Unless JPM’s conventional payment systems process transactions at a fantastically slow rate, the speed advantage offered by the blockchain system is modest. Nothing the new blockchain system does is anything that cannot be done by much simpler automated systems using the bank’s existing technological framework. Blockchain and cryptocurrency, by contrast, has never firmly established a use case other than just being different than what existed before. Nonetheless, the intentions behind JPM’s blockchain payments experiment seem valid enough.

Source: Manila Times February 18, 2019 17:58 UTC