GlobalResearchJanuary2019ChairofGlobalResearchJoyceChang(1-212)834-4203joyce.chang@jpmorgan.comJ.P.MorganSecuritiesLLCSeeendpagesforanalystcertificationandimportantdisclosures,includinginvestmentbankingrelationshipsAdditionalcontactdetailsalsoincludedinthebackofthepresentationUSRatesStrategyAlexRoeveralex.roever@jpmorgan.comJ.P.MorganSecuritiesLLCEuropeanGeneralFinancialsGurjitKambogurjit.s.kambo@jpmorgan.comJ.P.MorganSecuritiesplcEuropeanBanksRaulSinharaul.sinha@jpmorgan.comJ.P.MorganSecuritiesplcBrokers,AssetManagersandExchangesKennethWorthingtonkenneth.b.worthington@jpmorgan.comJ.P.MorganSecuritiesLLCSoftwareTechnologySterlingAuty,CFAsterling.auty@jpmorgan.comJ.P.MorganSecuritiesLLCMetalsStrategyResearchNatashaKanevanatasha.kaneva@jpmorgan.comJ.P.MorganSecuritiesLLCLong-TermStrategyJanLoeysACjan.loeys@jpmorgan.com(1-212)834-5874J.P.MorganSecuritiesLLCJ.P.MorganPerspectivesBlockchainandCryptocurrencies:Adoption,Performance,andChallenges每日免费获取报告1、每日微信群内分享7+最新重磅报告；2、每日分享当日华尔街日报、金融时报；3、每周分享经济学人4、行研报告均为公开版，权利归原作者所有，起点财经仅分发做内部学习。扫一扫二维码关注公号回复：研究报告加入“起点财经”微信群。。AdoptionProgresshasbeenmadetomoveblockchainadoptionbeyondexperimentationanduseinpayments,butdevelopmenthasbeenlargelyconfinedtousecaseslikesmartcontracts,recordkeeping,anddecentralizedapplicationsratherthananinstitutionalizedapproach.Barriersforblockchainimplementationremainsignificant,includingdataprivacy,security,regulation,scalability,andgovernancechallenges.Blockchainisunlikelytore-inventtheglobalpaymentssystem,butinsteaditcanprovidemarginalimprovementstovariouspartsoftheprocess.Blockchainsolutionsmakingameaningfuldifferenceforbanksareatleastthreetofiveyearsaway,inourview,withTradeFinancelikelytobenefitthemost.Digitizationofthesupplychainisstillinitsinfancyandrequiresmoreautomatedinputsastheblockchainnetworkmustincludethewholesupplychainformaximumefficiencytoberealized.Greaterprogre...
