J.P. Morgan is a proud sponsor of the Initiative for Cryptocurrencies and Contracts (IC3),
which is an academic research consortium created by faculty and students from Carnegie Mellon, Cornell, Cornell Tech, UC Berkeley, ETH Zurich, UIUC, Technion, and University College London. It’s basically a global academic community that’s dedicated to driving research and development efforts across cryptocurrency and blockchain ecosystems.
We started IC3 as an overarching organization– it came out of Cornell, but it’s much bigger than Cornell. IC3 is a really good, great collaboration because it brings together some of the best academic researchers in the cryptocurrency space as well as some of the leading industries that– industry leaders that are building and developing out this technology.
IC3 brings together two very important parties. One: world-renowned researchers who are well respected. And two: industry partners who have years of experience building products for users. The researchers are up to date with the academic research, and sort of also what’s happening in the cryptocurrency field. But we’re not always up to date on the needs of enterprise and even the financial system or the banking system. So I’m a technologist, I don’t necessarily understand the financial markets. So the benefits of J.P.
Morgan is that they bring over the financial market expertise, I bring over the technical expertise, and we work together to come up with really cool solutions that actually solve real-world problems. One of the challenges that we at JPMorgan are working on with IC3 is in the domain of digital identity. The idea here is that you as a person get to control your own data about yourself. So when you go to access some web service, some website, you don’t have to give all of your information about yourself to actually access that service. IC3 has been at the forefront of privacy technology. For example with DLTs, it is currently being explored by various financial institutions. They are trying to build new financial primitives where data is transparent yet not shared between participating institutions, which is a really great property to have.
I’m really excited about the next decade to come, where we will begin to see the fruits of this research in the form of new lines of business and new opportunities for everybody in finance and beyond. We’ll see applications in identity management, in wealth management, in new financial assets, and also in things that are off-chain and IOT. And also some other application areas that we can’t even envision yet. What I’m really excited about is whether or not we can bring some of this emerging technology that is considered cutting-edge today, industrialize it for enterprise use, and use that technology to solve some of the problems that existing technology cannot