Il CEO dell'unità Blockchain di JPMorgan chiede la protezione dei consumatori nei progetti di asset digitali

• Umar Farooq, chief executive officer of JPMorgan’s blockchain unit Onyx, stated that banks have to take precautions and implement steps to ensure consumer protection.
• JPMorgan Chase & Co. ha collaborato con DBS Bank e SBI Digital Asset Holdings per condurre transazioni in tokenized foreign exchange and government bonds under Singapore’s Project Guardian.
• Farooq ha anche osservato che molti aspetti della tecnologia blockchain hanno la capacità di migliorare l'attuale infrastruttura finanziaria e rendere i servizi finanziari più efficienti, accessibili e convenienti.

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JPMorgan Chase & Co., una delle più grandi banche di investimento multinazionali e società di servizi finanziari, ha intrapreso un'altra avventura nel settore blockchain dopo aver stretto una partnership con DBS Bank e SBI Digital Asset Holdings per condurre transazioni in valuta estera tokenizzata e titoli di stato sotto Project Guardian, come riportato in precedenza da Bitnation.

In un'intervista a CNBC, Umar Farooq, chief executive officer of JPMorgan’s blockchain unit Onyx, stated that before implementing any experiment in the field of DeFi and blockchain, banks have to take precautions and implement steps to ensure consumer protection. However, he also noted that many aspects of the blockchain technology have the capacity to better the current financial infrastructure and also make financial services more efficient, accessible and affordable.

“What a bank needs to do from a regulatory point of view and customer’s point of view is that we need to protect our customers. We cannot lose their money,” Farooq said during a panel at the Singapore Fintech Festival 2022 on Wedneday.

Farooq ritiene che senza implementare le misure di protezione dei consumatori, le società coinvolte nell'esperimento blockchain potrebbero esporre i clienti a rischi per la sicurezza informatica. Questa affermazione arriva in un momento in cui diverse società crittografiche sono state violate, sfruttate e prosciugate il mese scorso, rendendolo il mese peggiore per l'industria crittografica in termini di sicurezza nel 2022.

According blockchain analytics firm Chainalysis, almost $3 billion have been drained in 2022 due to crypto hacks and more could be on the way. Some of the biggest crypto firms hacked include Mango Markets, BNB Chain’s BSC Token Hub, and many others. Moreover, within the first week of November, Panama-based crypto futures and options exchange Deribit ha perso $28 milioni in un hack di hot wallet questo mese.

“I do think you need some sort of identity solution or know-your-customer solution which verifies who the human being that is interacting is and what they are allowed to do. Because without that, in the longer term, it just doesn’t work,” he added in an interview with CNBC.

Farooq also confirmed that JPMorgan is currently using a solution called verifiable credentials which reside in the users’ crypto wallets and when any customer will use the new service to trade, their transactions will be secured via these credentials. Interestingly, Farooq also pointed out that the privacy feature of blockchains won’t hold for a long time as “sooner or later they will be in a money laundering incident.”

The CEO of JPMorgan’s blockchain arm believes that “education, protection and identity need to be in place” in order to safely send payments across borders without bringing the attention of the regulatory hammer.

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