JPMorgan Makes A Blockchain Laboratory In Greece, A Bank Of Investment Why?
JPMorgan, one of the global investment bank giants, recently announced it will open a blockchain innovation laboratory in Greece. The lab will focus on developing applications on blockchain platform Onyx for digital identity solutions. Onyx itself was launched by the bank in 2020.
According to penurut Lobban, head of Blockchain Launch & Onyx Digital Assets at JPMorgan, the company is looking to fill four new positions in the initiative, including two full-stack software engineers, a mobile app engineer, and a technical manager.
Lobban also said that the new innovation lab will be part of the Blockchain Launch group, which is responsible for blockchain-based software development for bank customers using Onyx technology.
JPMorgan itself has been using blockchain-based solutions in its operations for some time. In 2022, the bank reported having completed transactions worth US$1 billion (equivalent to Rp15.2 trillion) every day using blockchain technology.
In addition to focusing on blockchain-based application development, this new innovation laboratory will also focus on developing digital identities. Loban said that the new group will be at the core of research and development of digital identity solutions, to expand capabilities that have been piloted by previous institutions.
Digital identity is considered one of the important use cases for blockchain-based services. JPMorgan along with a group of other banks have participated in the development of digital wallets equipped with digital identities.
This indicates that the banks are interested in being involved in the digital identity structure in the future, and expanding their services by adding digital identities to existing digital wallets.
On the importance of digital identity in the future, Lobban said, "We believe that Digital Identity is key to scale-opening for Web3 and could enable completely new interactions and services for web2 and Web3," quoted by Bitcoin.com News.
This shows that JPMorgan is ready to innovate and develop new, more sophisticated services using blockchain technology and digital identity.