{"id":5544,"date":"2018-03-10T07:33:44","date_gmt":"2018-03-10T07:33:44","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=5544"},"modified":"2018-03-10T07:35:09","modified_gmt":"2018-03-10T07:35:09","slug":"jp-morgan-presents-report-on-how-blockchain-will-shape-financial-sector","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/jp-morgan-presents-report-on-how-blockchain-will-shape-financial-sector\/","title":{"rendered":"JP Morgan Presents Report On How Blockchain Will Shape Financial Sec"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-4253 alignleft\" src=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2018\/02\/jpmorgan-chase.jpg\" alt=\"\" width=\"380\" height=\"250\" \/>In a joint report with management consultant Oliver Wyman, JP Morgan argues that blockchain is the real deal, despite the risks involved. JP Morgan <a href=\"https:\/\/www.jpmorgan.com\/global\/cib\/markets-investor-services\/blockchain-economics\">has also listed out the reasons<\/a> for asset managers to take initiative to understand and embrace blockchain.<\/p>\n<p>According to <a href=\"https:\/\/www.legitgambling.com\/news\/jp-morgan-acknowledges-cryptocurrencies-threat-10-k-filing\/\">JP Morgan<\/a>, blockchain will bring a radical shift in the way analysts think about financial assets and the way the financial industry will operate in the future.<\/p>\n<p>&nbsp;<\/p>\n<h2>Blockchain Is the \u201cReal Deal\u201d<\/h2>\n<p>The research report points out that <a href=\"https:\/\/www.legitgambling.com\/cryptocurrency\">blockchain-related interest and investment<\/a> have reached critical mass, and the technology has shown itself to be capable of driving major change. The report further states that enforcing convergence on common data standards and eliminating the need for a central authority to hold a \u201cgolden record,\u201d asset managers can reduce reconciliation and facilitate seamless transfer of digital assets. Instead of presenting a \u201cBlockchain 101,\u201d the report asks asset managers to make the impacts of a transition to blockchain infrastructure approachable and tangible. The document also suggests asset managers to clear common myths surrounding blockchain technology and demonstrate how it can reshape financial markets and client experience.<\/p>\n<h2>Four waves of anticipated blockchain deployments<\/h2>\n<p>JP Morgan anticipates four waves of blockchain developments<br \/>\n1. Information sharing (2016-19). It will include the following advancements.<br \/>\n\u2022 Blockchain used to share and communicate data<br \/>\n\u2022 Used internally and between trusted external organizations.<br \/>\n\u2022 Distributed ledger solutions tested in parallel with current workflows as proof of concept.<br \/>\n\u2022 Augmentation of existing processes.<br \/>\nExamples in development: CDs trade processing, payment messaging<\/p>\n<p>2. Data solutions (2017-25). It will include the following advancements.<br \/>\n\u2022 Blockchain enables an environment to store and manipulate data.<br \/>\n\u2022 Incorporation of distributed ledger technology as part of existing solutions, supporting new<br \/>\nefficiencies in operations and workflows.<br \/>\n\u2022 Initial pilots may run in parallel with existing processes until user confidence is high enough to<br \/>\nbegin migrating volumes.<br \/>\n\u2022 Users are faced with a choice of infrastructures developed by providers.<br \/>\nExamples in development: Transaction management, Regulatory reporting<\/p>\n<p>3. Critical infrastructure (2020-30). It will include the following advancements.<br \/>\n\u2022 Blockchain adopted by market participants as the main infrastructure for critical functions<br \/>\n\u2022 Centralized authority still required for administrative functions (e.g., granting access rights,<br \/>\nsetting industry standards).<br \/>\n\u2022 Replacement of existing asset, transaction and payments infrastructure.<br \/>\n\u2022 Participants forced to adopt and integrate new blockchain-based infrastructure.<br \/>\nExamples in development: Custody and settlement, private markets.<\/p>\n<p>4. Fully decentralized (uncertain). It will include the following developments.<br \/>\n\u2022 Blockchain replaces centrally controlled infrastructure with fully decentralized solutions<br \/>\n\u2022 Direct engagement in digital asset transactions for organizations and individuals<br \/>\n\u2022 Legal and regulatory frameworks support asset ownership and transfers via distributed ledgers<br \/>\n\u2022 Disintermediation of legacy infrastructure owners<\/p>\n<p>Examples in development: Open, P2P blockchain-powered economy, digitally issued fiat currency.<\/p>\n<h2>Opportunity for asset managers<\/h2>\n<p>JP Morgan reiterates that blockchain will enable asset managers to tackle challenges related to the management of data and providing solutions. Ther report also opines that an asset manager can achieve material cost benefits across front-, middle- and back-office activities through a reduction in data manipulation, decommissioning of legacy infrastructure, and lower costs of investment.<\/p>\n<p>Improved data sources, greater liquidity and lower frictional costs due to blockchain will result in an increase in revenue opportunities, according to the financial institution\u2019s report. That will enable asset managers to serve clients better. For example, real-time reporting or alternative trading strategies can be offered. JP Morgan believes that end investors may be the greatest beneficiaries as the technology will increase competition among asset managers, who will pass on the savings.<\/p>\n<h2>Cost savings<\/h2>\n<p>JP Morgan has estimated the following cost savings in each of the departments in a financial institution.<br \/>\n\u2022 Overheads \u2013 5-10%<br \/>\n\u2022 Risk management \u2013 5-7%<br \/>\n\u2022 Finance \u2013 5-10%<br \/>\n\u2022 Portfolio management \u2013 15-20%<br \/>\n\u2022 IT \u2013 15-20%<br \/>\n\u2022 Operations \u2013 20-25%<br \/>\n\u2022 Sales &amp; marketing \u2013 20-30%<\/p>\n<p>According to JP Morgan, the wait-and-see approach followed by asset managers, under the assumption that any eventual cost savings or opportunities will flow downstream, is a mistake. The banking and financial behemoth has suggested asset managers to engage early and develop real world solutions.<\/p>\n<p>Finally, the report states that blockchain technology should not be restricted to asset managers in an organization and top management executives of an organization, such as CEO, COO and CTO, have a role to play as part of the broader FinTech agenda.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a joint report with management consultant Oliver Wyman, JP Morgan argues that blockchain is the real deal, despite the risks involved. JP Morgan has also listed out the reasons for asset managers to take initiative to understand and embrace blockchain. According to JP Morgan, blockchain will bring a radical shift in the way analysts [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[68,1],"tags":[],"class_list":["post-5544","post","type-post","status-publish","format-standard","hentry","category-cryptocurrency","category-usa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>JP Morgan Presents Report On How Blockchain Will Shape Financial Sec<\/title>\n<meta name=\"description\" content=\"In a joint report with management consultant Oliver Wyman, JP Morgan argues that blockchain is the real deal, despite the risks involved. JP Morgan has also listed out the reasons for asset managers to take initiative to understand and embrace blockchain.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legitgambling.com\/news\/jp-morgan-presents-report-on-how-blockchain-will-shape-financial-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JP Morgan Presents Report On How Blockchain Will Shape Financial Sec\" \/>\n<meta property=\"og:description\" content=\"In a joint report with management consultant Oliver Wyman, JP Morgan argues that blockchain is the real deal, despite the risks involved. JP Morgan has also listed out the reasons for asset managers to take initiative to understand and embrace blockchain.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legitgambling.com\/news\/jp-morgan-presents-report-on-how-blockchain-will-shape-financial-sector\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-03-10T07:33:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-03-10T07:35:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2018\/02\/jpmorgan-chase.jpg\" \/>\n<meta name=\"author\" content=\"Cameron Bishop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cameron Bishop\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/jp-morgan-presents-report-on-how-blockchain-will-shape-financial-sector\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/jp-morgan-presents-report-on-how-blockchain-will-shape-financial-sector\\\/\"},\"author\":{\"name\":\"Cameron Bishop\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#\\\/schema\\\/person\\\/0e2e077765174748afc2362c890e3f91\"},\"headline\":\"JP Morgan Presents Report On How Blockchain Will Shape Financial Sec\",\"datePublished\":\"2018-03-10T07:33:44+00:00\",\"dateModified\":\"2018-03-10T07:35:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/jp-morgan-presents-report-on-how-blockchain-will-shape-financial-sector\\\/\"},\"wordCount\":704,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/jp-morgan-presents-report-on-how-blockchain-will-shape-financial-sector\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/wp-content\\\/uploads\\\/2018\\\/02\\\/jpmorgan-chase.jpg\",\"articleSection\":[\"Cryptocurrency\",\"USA\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/jp-morgan-presents-report-on-how-blockchain-will-shape-financial-sector\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/jp-morgan-presents-report-on-how-blockchain-will-shape-financial-sector\\\/\",\"url\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/jp-morgan-presents-report-on-how-blockchain-will-shape-financial-sector\\\/\",\"name\":\"JP Morgan Presents Report On How Blockchain Will Shape Financial Sec\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/jp-morgan-presents-report-on-how-blockchain-will-shape-financial-sector\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/jp-morgan-presents-report-on-how-blockchain-will-shape-financial-sector\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/wp-content\\\/uploads\\\/2018\\\/02\\\/jpmorgan-chase.jpg\",\"datePublished\":\"2018-03-10T07:33:44+00:00\",\"dateModified\":\"2018-03-10T07:35:09+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#\\\/schema\\\/person\\\/0e2e077765174748afc2362c890e3f91\"},\"description\":\"In a joint report with management consultant Oliver Wyman, JP Morgan argues that blockchain is the real deal, despite the risks involved. 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