Former JPMorgan Chase CEO Masters talks about Bitcoin for the first time

Recently, Blythe布莱斯•马斯特斯, CEO of blockchain company Digital Asset Holdings (DAH), was interviewed by Fortune magazine. The former global head of commodities at JPMorgan Chase elaborated on her understanding of the value of blockchain and the development goals of DAH, and talked about her views on Bitcoin for the first time.

About blockchain

DAH is exploring how to apply blockchain to financial markets. Regarding blockchain, Masters said:

“Blockchain is just a newer, better, more advanced database technology.”

To Masters, blockchain is an upgrade to the record-keeping system. She estimates that the technology could eliminate billions of dollars in costs caused by redundancies, delays and errors in the back-office processing systems that trade assets such as bonds and stocks.

The key to cost savings lies in a shared infrastructure. Currently, each financial institution maintains its own independent transaction log, which is a duplication of time and energy, and once there are inconsistencies in the records, it will cost a lot of manpower and financial resources. Currently, it takes three days for a transaction to be settled.

Masters believes regulators will like the traceability and transparency that blockchain technology provides: “An immutable audit trail.”

About Bitcoin

Masters, as a passionate advocate of the underlying technology of Bitcoin, "blockchain", seems to have never expressed her views on Bitcoin. In this interview, Masters expressed her views on Bitcoin for the first time. If you have heard JPMorgan Chase CEO杰米·戴蒙's views on Bitcoin, then you will be familiar with Masters's words.

She said:

“The widespread adoption of any digital currency is irrelevant to our company’s goals. Bitcoin just happens to be an application of blockchain technology, but it is different from blockchain technology. It is actually a unique invention based on its own interests.”

Like Jamie Dimon, Masters believes that regulation is an insurmountable obstacle to the development of digital currencies.

"You have to comply with the regulations of the regulators. This is not a difference of opinion, it is an indisputable fact."

About company goals

The goal isn't to beat the existing system, Masters said, but to improve it.

In addition to DAH, many blockchain solution companies have emerged, such as Chain, headquartered in San Francisco, which is working with Nasdaq to conduct blockchain trials. In addition to these blockchain startups, more and more traditional financial institutions are also exploring the application of blockchain in the financial field, such as the R3 blockchain alliance composed of 40 banks.

Facing such competition, Masters remains confident. She said:

“Our goal is to create a common structure or infrastructure.”

Original article: http://fortune.com/2016/02/18/blythe-masters-blockchain/
By John Biggs
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information (http://www.8btc.com/blythe-masters-blockchain-2)