JPMorgan: “mass adoption of the blockchain will happen only in a few years”

JPMorgan Bank released its annual JPMorgan Perspectives report, in which it stated that although the use of blockchainincreases, mass adoption of technology will occur only in a few years.

Analysts at one of the largest financialconglomerates of the world emphasized that the use of blockchain is becoming popular among financial companies such as stock exchanges, however, the universal adoption of distributed registry technology will happen only after a few years.

“We see the potential of the blockchain in transforming banking business models. The technology allows you to efficiently and safely exchange information and store it, ”the report says.

At the same time, analysts emphasize that massblockchain adoption is highly dependent on the attitude of regulators. In addition, it is necessary to solve some technological problems, including the issue of data exchange between various blockchains.

“We see a wide distribution of solutions based onblockchain for 3-5 years. However, there are various problems, such as macroeconomic factors, as well as regulatory and regulatory obstacles. It is worth noting technological problems that can slow down the adoption of technology, ”JPMorgan analysts emphasized.

The report also touched on the prospects of stablecoins, inincluding the Libra project, developed by the social network Facebook. According to analysts, such a project can become a really popular means of payment in case of stable operation.

“Stablecoins, including Libra, can getexponential growth and occupy a significant share of financial transactions in the world. However, at present, stablecoins are not suitable for this role due to the mismatch of the microstructure of the projects with the criteria of the payment system. In addition, the lack of liquidity in stable cryptocurrency projects causes risks that the volume of transactions can grow too sharply and the stablecoin base currency will not cope with such a volume of operations, ”the analysts said.

The document emphasizes that it is extremely important for stable cryptocurrency projects to accept stablecoin as a legitimate means of payment by any state.

Last fall, JPMorgan CEO Jamie Dimon expressed the opinion that the Libra project is a great idea that, unfortunately, will not be implemented in reality.

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