JPMorgan Exec: ‘Watch Out Wall Street, Blockchain Is Coming’

In the latest blockchain news, the former JPMorgan head of commodities Blythe Masters stirred up the waters while speaking at the London Metal Exchange annual dinner – pointing out to blockchain and its increasing abilities in the commodity markets.

As the blockchain innovator said, blockchain introduces heightened confidentiality, reduces paper waste and improves the overall provenance and productivity. Masters became a managing director at JPMorgan at the age of 28, to later become the head of global commodities. She is widely credited for creating a credit derivative vehicle which is known as the credit default swap, popular because of the mixed effects in the wake of the global economic crash that happened in 2008. Many described her creation as the financial weapon of mass destruction.

Still, there is no denial in the fact that Masters is an expert when it comes to finance and commodities. With her new role as the CEO of Digital Asset Holdings, which is a company specializing in blockchain solutions for financial services, there are only a few better-qualified people to speak on the application and the blockchain adoption in the commodities industry.

As Masters noted during her London speech:

“Supply chains are notoriously complex and inefficient. This is especially true in the metals and mining industry where many operational and commercial practices remain inefficient and antiquated, leading to critical data omissions, security vulnerabilities, expenses, corruption, and unethical provenance.”

Right now, blockchain is seen as a revolutionary technology that could improve the tracking of goods in all industries – from food to clothing.

Blockchain facilitates the exchange of critical trade documents, bills of lading, letters of credit between connected users securely and confidentially. Clearly the indications for metals mining, shipping, storage, and logistics industries are nontrivial,” Masters concluded.