Financial giant JPMorgan has announced that it will open a new blockchain innovation lab in Greece. The lab will focus on the development of applications on Onyx, the blockchain platform launched by the bank in 2020, and on digital identity solutions.
JPMorgan will boost blockchain development in a new innovation lab
JPMorgan, the investment bank with millions of clients around the world, has announced the launch of a new innovation lab in Greece, which will develop solutions using blockchain tools. The lab will mainly focus on building applications using Onyx, the platform launched by the bank in 2020.
This new innovation lab will be part of the Blockchain Launch group, which prepares and develops blockchain-based software for bank clients using Onyx technology. Tyrone Lobban, Head of Onyx Blockchain and Digital Asset Launch 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 applications engineer and a technical manager.
The company has been using blockchain-based solutions for some time. In 2022, Lobban fixed that the bank was settling $1 billion daily using blockchain technology.
Digital identity
Lobban also stated that this new group will be essential for the research and construction of digital identity solutions, to expand the capabilities that the institution has already tested before. digital identity is list as one of the use cases that is part of the services supported by the Onyx blockchain launch team.
On what meaning digital identity could have in the future, Lobban stated:
We believe Digital Identity is key to unlocking the scale of Web3 and can enable entirely new interactions and services for web2 and Web3 alike.
The institution’s interest in digital identity could be part of a move not to be left behind in the future. TO report titled “The Rise Of Digital Identity Wallets”, issued in January by Mobey Forum, a non-profit global knowledge group, explains that banks are in a unique position to be part of the digital identity fabric of the future, adding this service to your existing digital wallets. .
In January, reports revealed that JPMorgan was part of a group of banks developing a digital wallet, along with Wells Fargo, Bank of America and four other financial institutions.
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