JPMorgan CEO Umar Farooq says public blockchain ledgers aren't fit for the purpose of processing large transactions.
Public blockchains are still not adequate for executing large amounts of transactions, according to JPMorgan.
“I think you almost need something like . I mean, it’s actually almost a necessity because if you look at … public blockchain ledgers, they are not fit for purpose for large transactions today.” Farooq further explained that if a $100 million transaction were to fail, public blockchain validators can’t be held accountable. Farooq said:
Despite the CEO’s criticism, JPMorgan’s bank-led Onyx platform is built as a private, permissioned version of Ethereum, the world’s second-largest public blockchain network. Unlike public blockchains, Onyx’s permissioned chain enables institutions to reverse transactions.
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