Former Vice President of the investment Bank in North America JPMorgan Chase said that the blockchain “can be the key to preventing the next global financial crisis”.
Pan Headon (Pang Huadong) is an honorary academic adviser to the Asian Institute of Blockchain, told how his experience at JPMorgan during the peak of the financial crisis of 2008 forced him to see in the blockchain is the key technology to ensure transparency and confidence in the global economic system:
“When I started working at JPMorgan in 2007, assets worth $40 billion, be in control of 13 people. During the financial crisis in 2008, the average daily loss was $ 300 million. Over time, I realized that the blockchain technology could be the key to preventing the next global financial crisis”.
Huadon added that although the technology is still “is at a very early stage”, its development prospects are “unlimited”. He noted that the cornerstone of the blockchain is the creation of non-overlapping and transparent systems potential to radically reduce global financial risk and the “creation of a mechanism of trust at the lowest prices”.
At that time, as the policy of the Chinese government remains fixed in relation to the decentralized cryptocurrency, political, academic and financial leaders of the country to the blockchain is getting warmer. Even Chinese President XI Jinping openly praised the potential of the blockchain this spring.
Just last week, the official newspaper of the Ministry of science and technology of China announced that the country will lead the international study group on standardization of Internet technology (IoT) and Blockchain technology.
July 16, Deputy Director of IT of Ministry of China urged the country to “unite” forces to contribute to the development of the blockchain as a “primary” technology for the new digital economy, and advocated the weakening of institutional constraints to optimize the environment for integration.