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The financial giant jpmorgan has announced the inauguration of a new laboratory of blockchain innovation in Greece. The lab will focus on application development in addition to onyx, the blockchain platform that the bank launched in 2020, and digital identity solutions.
JPMorgan to Push Blockchain Development in New Innovation Lab
JPMorgan, the investment bank with millions of customers worldwide, has announced the launch of a new innovation lab in Greece, which will develop solutions using blockchain tools. The laboratory will concentrate mainly on the construction of applications using onyx, the platform launched by the bank in 2020.
This new innovation laboratory will be part of the blockchain launch group, which prepares and develops blockchain-based software for the bank's customers with the help of onyx technology. Tyrone Lobban, head of Blockchain Launch & Onyx Digital Assets at JPMorgan, revealed that the company is looking to fill four new positions for this new initiative including two full-stack software engineers, a mobile app engineer, and a technical manager.
They've been using blockchain solutions for a while. In 2022, arguing that the bank used blockchain technology to settle $1 billion per day.
Digital Identity
Lobban also said the new group will be at the heart of researching and building digital ID solutions, in order to expand the capabilities that the institution has already tested. Digital ID is one of the use cases within the services supported by the onyx blockchain launch team.
With respect to the importance of digital identity in the future, Lobban said:
We believe that digital ID is essential to unblock the scale for Web3 and can allow completely new interactions and services for Web2 and Web3.
The institution's interest in digital ID could be part of a movement to avoid falling through the cracks in the future. A title entitled "la essor des portefeuilles d'identite numerique" issued in January by the forum mobey, a worldwide not-for-profit organization, explains that banks are particularly well placed to be part of the digital identity framework of the future, the addition of this service to their existing digital portfolios.
In January, reports revealed that JPMorgan was part of a group of banks developing a digital wallet, alongside Wells Fargo, Bank of America, and four other financial institutions.
What do you think of the innovation laboratory being launched in Greece by jpmorgan? Let us know under the comments section below.
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