JP Morgan once again caused a bit of an upheaval within cryptocurrency circles last week - this time with the publication of their peer-to-peer (P2P) payments network patent application based on distributed ledger technology, like blockchain.
Some crypto enthusiasts branded the move as “hypocrisy to the extreme.” The criticism is not unfounded but perhaps not accurate. The bank, and to a greater extent, their outspoken CEO, Jamie Dimon, has been responsible for a lot of fear, uncertainty and doubt surrounding Bitcoin and cryptocurrencies as a whole.
- a payment originator initiating a payment instruction to a payment beneficiary;
- a payment originator bank posting and committing the payment instruction to a distributed ledger on a P2P network;
- the payment beneficiary bank posting and committing the payment instruction to the distributed ledger on a P2P network; and
- the payment originator bank validating and processing the payment through a payment originator bank internal system and debiting an originator account.”
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