JPM - 'Who Do I Sue?' JPMorgan Exec Sees Public Blockchains As Inadequate For Large Transactions | Benzinga
Public blockchains, the technology underpinning cryptocurrencies like Bitcoin (CRYPTO: BTC), may not be mature enough to handle the demands of large financial transactions, according to a high-ranking executive at JPMorgan Chase & Co (NYSE:JPM).
What Happened: Umar Farooq, CEO of JPMorgan’s blockchain platform Onyx, expressed concerns about the limitations of public blockchains during the Bank of International Settlements (BIS) Innovation Summit on May 7, according to Cointelegraph.
“Public blockchain ledgers are simply not fit for purpose for large transactions today,” Farooq remarked, highlighting the need for a more robust system.
Farooq emphasized the lack of accountability within public blockchains.
In the event of ...