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US bank JP Morgan is searching for an executive to take charge of its blockchain developments, from conception to production.
While uncertainties about blockchain’s role in business continue, JP Morgan is setting itself up as a pioneer of the technology, and executives who can bridge the gap between business and blockchain will be much sought-after.
According to the bank’s job advert, the role will be based in London and the successful candidate will be part of JP Morgan’s Blockchain Centre of Excellence (BCOE).
It said the BCOE coordinates all blockchain and distributed ledger-related activities within the corporate and investment bank. “The BCOE represents our commitment to exploring and deploying distributed ledger technology,” said JP Morgan.
Roles like this could give the business sector a better understanding of where blockchain fits in.
JP Morgan has used blockchain technology to build a cross-border payments network. Using a distributed ledger that can be accessed by the numerous banks involved, the organisation aims to make it easier to carry out compliance checks and make corrections – processes that can delay payments.
Huge hype has been created as a result of experimentation with blockchain and other distributed ledger technologies, but the technology now has a “chasm to cross” if early pilots are to be applied to real-life business challenges, according to Dean Demellweek, digital innovation strategist at BNP Paribas, who spoke at a recent Blockchain Live event in London.
JP Morgan’s advert states: “[The successful candidate] will bridge the technical and business worlds, ensuring we are building the right products for the right clients in the right time. You will work with senior business leaders, external blockchain technology and service providers and internal engineering teams to define, develop and deliver distributed ledger solutions within JP Morgan.”
Read more about blockchain and its application
- In this e-guide, read about how blockchain’s inherent security makes it tamper-proof and perfect for keeping and sharing records for transactions in many scenarios.
- Dubai’s government is introducing a biometric border checking system that uses blockchain to ensure sensitive data can only be seen by the digital passport holder and relevant authorities.
- Artificial intelligence and blockchain initiatives are earmarked for a doubling of investment, finds the 2018 Computer Weekly/TechTarget IT Priorities survey.
- By reducing the cost of peer-to-peer data and resource transfer, blockchain can remove the need for third parties and middlemen across industries.
Analyst firm Gartner said recently: “Blockchain is developing quickly, but significant business challenges and technology gaps remain before widespread use cases and ways to generate value emerge.
“CIOs are under pressure to guide decisions on ‘if’ and ‘how’ they should implement blockchain, but struggle with how to apply this technology to meet new business challenges.”
It is essential to bridge the gap between technology and the business because there is a discrepancy between perceived blockchain adoption and actual adoption in businesses.
For example, a survey from Deloitte in May revealed that 74% of the executives at global businesses that it questioned said their company saw a compelling business case for the use of blockchain, and many said they were moving forward with the technology.
More than half (53%) of those using blockchain said they were deploying it for supply chain-focused systems, 51% for internet of things integration projects and over 40% for projects related to digital records.
But according to a Gartner survey at around the same time, only 1% of CIOs said they were running blockchain projects and just 8% were either planning to do so in the short term or currently experimenting with the technology.