JPMorgan CEO Jamie Dimon acknowledged that blockchain technology and decentralized finance (DeFi) applications have value. In a letter to the company’s shareholders on this matter, he wrote:

“Decentralized finance and blockchain are real. These are new technologies that can be used both privately and publicly, with or without permission.”

Dimon also emphasized that JPMorgan is at the forefront of innovation. The bank uses the Liink network, which allows other financial institutions to exchange complex data. Additionally, the financial holding uses blockchain to move tokenized dollar deposits using JPM Coin.

He says there are many scenarios where distributed ledger technology can change or improve various aspects of the business, such as executing contracts or owning data. However, the financier is confident that the new technology is still “too expensive or slow” for some tasks.

Recall that in October 2021, Jamie Dimon called bitcoin “useless”.

In February, JPMorgan announced a solution to protect the blockchain from quantum computing placed on top of the Liink enterprise network.