J.P. Morgan Chase & Co. recently hired its new blockchain lead, Christine Moy. With the departure of Amber Baldet, former head of the Blockchain Centre of Excellence (BCOE), she came out to be the strongest successor.
Moy had been working in various divisions of the company for decades which made her realize that interoperability and faster settlements are the need of the hour. She was also Baldet’s first hire in BCOE. She knows the processes and needs of the company intimately. Hence, she is the perfect fit for leading blockchain innovation within J.P. Morgan.
Blockchain Centre of Excellence (BCOE) came into existence in 2015 for exploring the applications of Distributed Ledger Technology in traditional financial ecosystem. DLT has the potential to make global payment systems much more efficient. The bank aims at utilizing blockchain to create a shared ledger which will link central banks and financial institutions globally. The final result? – A technology which brings about interoperability, liquidity of cash and unprecedented incorruptibility globally.
BCOE developed Quorum, an ethereum based platform, in partnership with EthLab. Quorum is an “enterprise-focused” platform which enables “permissioned” participants to transact confidentially, while delivering the benefits of blockchain technology.
The bank demonstrated another blockchain inspired prototype, Dromaius, at the Consensus 2018 conference. Dromaius targets facilitating smoother transactions and reduction of costs in capital markets. Christine Moy and her team are still working on overcoming the challenges in integrating a blockchain based technology in traditional capital systems.
Moy says that issuing financial instruments on blockchain can simplify transactions and make the process cheaper.