JP Morgan CEO Slams Bitcoin, But This Shouldn't Deter HNWIs

Josh O'Neill

13 September 2017

, the technology underpinning bitcoin and every other crypto-currency.

A blockchain is a virtual distributed ledger of transactions shared peer-to-peer that can record ownership across a public network of computers rendered tamper-proof by advanced cryptography.

The technology is causing a stir within the financial services sector as its supporters believe it could reduce hidden expenses in the financial system by ousting inefficiencies across areas such as payments, syndicated loans and equity clearing.

Dimon said blockchain-based solutions will roll out over the coming years as financial services institutions adapt the technology to their business lines.