JPMorgan: Public blockchain ledgers not suitable for large transactions

Golden Finance reported that at the BIS Innovation Summit on May 7, Umar Farooq, CEO of JPMorgan Chase's Onyx blockchain payment platform, said that public blockchain ledgers are not suitable for today's large transactions. Despite this, the JPMorgan Chase Bank-led Onyx platform is still built as a private, licensed version of Ethereum, the world's second-largest public blockchain network. Unlike public blockchains, Onyx's licensed chain enables institutions to reverse transactions. In addition, JPMorgan's Farooq believes that cryptocurrencies issued on public blockchains will create false incentives designed to attract more users to the network, thereby pushing up the price of cryptocurrencies. He pointed out that blockchain, like the Internet, should be regarded as a public product.