Ex-JPMorgan exec—Blockchain may be key to avoiding next global financial crisis
The former vice president of North American investment banking at JPMorgan Chase has said that blockchain “may be the key to avoiding the next global financial crisis,” the China Economic Times reports today, July 23.
Pang Huadong, currently an honorary academic advisor of the Asian Blockchain Institute, said that his experience at JPMorgan during the peak of the 2008 financial crash led him to think that blockchain could be the pivotal technology for establishing transparency and trust in the global economic system:
“[When I began to work at JPMorgan in 2007,] 13 people managed [the bank’s] $40+ billion [assets]…. when the 2008 financial crisis was at its worst, [the] average daily loss was $300 million. It is only gradually that I understood that blockchain technology may be the key to avoiding the next global financial crisis.”