{"id":87870,"date":"2019-02-18T09:15:40","date_gmt":"2019-02-18T17:15:40","guid":{"rendered":"https:\/\/lifeboat.com\/blog\/?p=87870"},"modified":"2019-03-25T09:51:46","modified_gmt":"2019-03-25T16:51:46","slug":"how-j-p-morgans-fake-cryptocurrency-threatens-swift-western-union-and-deutsche-banks-real-business","status":"publish","type":"post","link":"https:\/\/lifeboat.com\/blog\/2019\/02\/how-j-p-morgans-fake-cryptocurrency-threatens-swift-western-union-and-deutsche-banks-real-business","title":{"rendered":"How J.P. Morgan\u2019s fake cryptocurrency threatens SWIFT, Western Union and Deutsche Bank\u2019s real business."},"content":{"rendered":"\n
<\/figure>\n\n\n\n

Last week JP Morgan announced<\/a> that it had developed its own cryptocurrency, the\u201cJPMCoin\u201d. Lost in the much of the noise about whether or not the JPMCoin is a real blockchain or cryptocurrency is the fact that, for mainstream blockchain adoption, the announcement is a big deal. Don\u2019t get me wrong. The JPMCoin is no more a cryptocurrency than say Fortnight\u2019s V-Bucks or your airline miles are. However, for blockchain the technology (even if JPMorgan isn\u2019t actually using a blockchain) the mere mention of the possibility that blockchain like tech is being adopted by the 6th largest bank in the world, a meaningful way, is a big step towards mainstream adoption.<\/p>\n\n\n\n

As you consider this here are a few points you can confidently share with your colleagues and friends:<\/p>\n\n\n\n

  1. The #JPMCoin<\/a> isn\u2019t a #blockchain<\/a> or a #cryptocurrency<\/li>
  2. That doesn\u2019t matter because JPMorgan\u2019s modern day #DigitalAbacus<\/a> does solve real business problems and proposes real operational cost savings, aka revenue generators<\/li>
  3. #Swift<\/a>, #WesternUnion<\/a> & #DeutsheBank<\/a> should be concerned because when the worlds 6th largest bank adopts a means of saving X% on #settlement<\/a>, #creditcard<\/a>, #remittance<\/a> and #banktransfers<\/a> this could directly cut into their core revenue streams<\/li>
  4. Because JPMorgan didn\u2019t adopt #blockchainlike<\/a> technology for accounting, for the greater good of transparency, trust, blah blah blah<\/li>
  5. They did it for operational efficiencies that would translate into revenue 6 Coincidentally, Ripple<\/a> rejoices! As the #JPMCoin<\/a> validates their entire business model as only the 6th largest bank in the world can.<\/li><\/ol>\n\n\n\n

    Too, JPM\u2019s entry into the internal\/private permissioned psuedo #blockchain<\/a>world of operational efficiency disrupts Ripple<\/a>\u2019s competitors. This is a blessing for Ripple, as it is easier to take down a global banking middlemen (Swift) if another global banking titan (JPMorgan) decides it wants to cannibalize its fellow banking middleman.<\/p>

    Continue reading \u201cHow J.P. Morgan\u2019s fake cryptocurrency threatens SWIFT, Western Union and Deutsche Bank\u2019s real business.\u201d | ><\/a><\/div>","protected":false},"excerpt":{"rendered":"

    Last week JP Morgan announced that it had developed its own cryptocurrency, the\u201cJPMCoin\u201d. Lost in the much of the noise about whether or not the JPMCoin is a real blockchain or cryptocurrency is the fact that, for mainstream blockchain adoption, the announcement is a big deal. Don\u2019t get me wrong. The JPMCoin is no more [\u2026]<\/p>\n","protected":false},"author":506,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1761],"tags":[],"class_list":["post-87870","post","type-post","status-publish","format-standard","hentry","category-cryptocurrencies"],"_links":{"self":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/87870","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/users\/506"}],"replies":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/comments?post=87870"}],"version-history":[{"count":2,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/87870\/revisions"}],"predecessor-version":[{"id":88922,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/87870\/revisions\/88922"}],"wp:attachment":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/media?parent=87870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/categories?post=87870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/tags?post=87870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}