Public blockchain ledgers ‘not fit for purpose,’ says JPMorgan exec
Despite the criticism, TradFi institutions still prefer using public blockchains for real-world asset tokenization.
Public blockchains are still not adequate for executing large amounts of transactions, according to a JPMorgan ex.
During the BIS Innovation Summit on May 7, Umar Farooq, CEO of JPMorgan’s Onyx blockchain-based payment platform, said:
The CEO’s comments came in response to the Unified Ledger, a concept introduced by the Bank of International Settlements (BIS) last year that aims to support central bank money flows, tokenized deposits and digital assets on its network.