HomeBlockchainJP Morgan explains its preference for Unified Ledger over public blockchain for...

JP Morgan explains its preference for Unified Ledger over public blockchain for tokenization – Ledger Insights

-


Insights on Unified Ledger Concept from JP Morgan and Circle at BIS Innovation Summit

The Bank of International Settlements (BIS) has introduced a groundbreaking concept known as the Unified Ledger, which aims to support central bank money, tokenized deposits, and digital assets all on the same network. This innovative infrastructure eliminates the need for transaction messaging and inefficiencies, while also enabling programmability.

During the BIS Innovation Summit, key figures in the industry, such as JP Morgan’s Umar Farooq and Circle’s Dante Disparte, shared their insights on the Unified Ledger concept. Farooq emphasized the necessity of a Unified Ledger, highlighting the limitations of public blockchain ledgers for large transactions. He stressed the importance of trusted transactions between financial institutions with accountability in the system.

Farooq also addressed the issue of tokenomics on public blockchains, pointing out the challenges of convergence. He advocated for technology to be seen as a public good rather than a means of enrichment. Additionally, he discussed the importance of shared networks involving central banks and private institutions.

On the other hand, Disparte raised concerns about marginal improvements and geopolitics in the implementation of Unified Ledgers. He questioned why there haven’t been more significant improvements and highlighted the impact of geopolitics on cross-border payments integration. Disparte emphasized the need for innovation in the banking system to address issues such as speed and fragmentation of global payments.

Overall, the introduction of the Unified Ledger concept represents a significant step towards revolutionizing the financial industry and addressing key challenges in the current system. As industry leaders continue to explore and implement innovative solutions, the future of finance looks promising with the potential for greater efficiency and transparency.

LATEST POSTS

SWIAT and adesso Collaborate to Launch SWIAT Access, Revolutionizing Blockchain Integration

SWIAT and adesso Unveil SWIAT Access: Streamlining Entry into the Blockchain Ecosystem for Financial Institutions SWIAT and adesso Unveil SWIAT Access: A New Gateway to...

SEC Comments Cause Delay in Launch of Ethereum ETF

Delay in Launch of United States-Based Spot Ether ETFs by SEC The highly anticipated launch of United States-based spot Ether exchange-traded funds (ETFs) has hit...

Judge Amy Berman Jackson Affirms Ripple XRP Ruling in Binance vs. SEC Lawsuit

Judge Amy Berman Jackson Upholds Landmark Decision on Ripple's XRP: Impact on Ongoing Cases and Legal Insight In a groundbreaking win for the crypto community,...

The Shift from Bitcoin Mining to AI: Exploring the Trend in Companies

The Surprising Beneficiaries of the AI Boom: Bitcoin Miners The intersection of artificial intelligence (AI) and Bitcoin mining has created a new and unexpected partnership...

Most Popular