JPMorgan Chase & Co said it has nothing to do with DIT Financial, a publicised blockchain that claimed it was partnering with the investment bank on a project.
It would be recalled that DIT Financial has claimed in a press statement that it was working JPMorgan on a blockchain project called DIT Wealth Chain. The startup said:
The platform will use block-chain data structure to verify and store data. Distributed computer node consensus algorithm is applied to generate and update data. The use of cryptography ensures data transmission and access security. An intelligent contract consists of automated script code programming and data manipulation.
It forms a new distributed infrastructure and computing paradigm. BlockChain is a very complex distributed computing methodology which can keep records on thousands or even millions of stand-alone computers that work together without a single entity to control them with data and procedures.
DIT Wealth Chain will digitize the global high-quality assets and all of these digital assets carried on the D.I.T wealth chain will be evenly cut by BlockChain technology. Every share has a characteristic of low investment threshold for each smart investment contract. All of the segmented smart investment contracts are stored and verified at the D.I.T wealth chain to ensure that the total amount and content are not tampered with.
In the field of financial applications, DIT Wealth Chain redefines assets, currencies, investments and transactions. In the future, the problem within exchange of funds, contracts and digital assets on the Internet exchange, trading and transfer will be solved. A highly reliable decentralized mechanism will serve individuals and financial institutions for transfer and exchange through the internet globally.
However, BlockChain technology is still in its early stage. The practitioners are not very familiar with how BlockChain can achieve. Many critics even claims there will be regulatory and legal hurdles BlockChain has to face. Furthermore, the reliability and security are always being challenged technically.
In a swift response, a spokesperson of JPMorgan told Coindesk that the bank has no knowledge of the project and it has no involvement with DIT Financial.