As of late March 2019, a Forbes publication detailed recent job postings for blockchain positions from the largest financial firms in the United States. JPMorgan is continually trying to fill more blockchain related jobs than any other firm on Wall Street.
How JPMorgan is Filling More Blockchain Roles than Any Other Financial Firm
JPMorgan is America’s largest bank.
According to results released by job-hunting website Indeed.com, JPMorgan was the only financial firm out of the top ten financial companies trying to fill positions with the words “blockchain”, “bitcoin”, or “cryptocurrency” throughout the past year.
Companies posting more jobs using similar keywords included tech firms such as Cisco and IBM, as well as consultants Accenture, EY, KPMG, and Deloitte.
According to Indeed.com economist Andrew Flowers, job searches related to blockchain technology dropped 67% from February 2018 — February 2019.
“Job-seeker interest has collapsed because it tracks the price of bitcoin. Job seeker interest is as volatile as the price of bitcoin.”
The ICO collapse is certainly true. ICOs now raise 58 times less than they did at this time last year.
Still however, JPMorgan remains interested in advancing its blockchain capabilities.
How Financial Giants Are Entering the Blockchain World through Security Tokens
The news is not too surprising, given the recent moves made by the firm.
In October 2018, JPMorgan announced that it would tokenize gold bars on Quorum, JPMorgan’s own enterprise blockchain built on Ethereum.
Later, in February 2019, JPMorgan unveiled the JPM Coin, which was designed to instantly settle transactions between clients on the JPMorgan Chase payment network.
While the value of many cryptocurrencies has quickly diminished, financial enterprises are now learning about the many advantages of Distributed Ledger Technology (DLT).
While not necessarily identical to a public, decentralized, proof-of-work blockchain that a network such as Bitcoin offers, some financial institutions are learning of the benefits that DLT can bring to their existing services.
DLT features highly anticipated benefits to the financial securities industry, through fractional ownership, an interoperable financial realm, the removal of unnecessary middlemen, and added liquidity.
The emerging class of security tokens represents such assets.
What do you think of JPMorgan continuing to hire blockchain positions? Will other institutional giants follow JPMorgan and integrate DLT to their existing securities structure? We want to know what you think in the comments section below.
Image courtesy of JPMorgan.