JPM Coin debut marks start of blockchain's value-driven adoption cycle

The origins of the JPM Coin can be traced back to early 2019, when the banking giant announced its plans to release a dollar-backed cryptocurrency that would eventually be used to process its internal and international transfers.

As things stand, JPMorgan is one of the largest players operating within the global payments landscape, with the firm reportedly facilitating transfers in excess of $6 trillion across more than 100 countries on a daily basis.

Behlendorf did concede that, by and large, the move does represent an additional step toward the mainstream adoption of crypto and technology that is now ready for prime-time, industrialized use.

With a centralized token being deployed, it stands to reason that blockchain technology is finally ready to generate some serious returns for its users.

Paul Brody, principal and global innovation leader for blockchain technology at Ernst & Young, told Cointelegraph that even though people may be just beginning to realize the financial potential of this technology, blockchain has quietly been generating substantial value for many companies over the last few years.

In a recent interview, JP Morgan's global head of wholesale payments stated that the launch of JPM Coin as well as certain other "behind the scenes moves" prompted the banking giant to create a new business outfit called Onyx.

The unit will allow the company to spur its focus on its various ongoing blockchain and digital currency efforts.

Onyx reportedly has more than 100 staff members and has been established with the goal of commercializing JP Morgan's various envisioned blockchain and crypto projects, moving existing ideas from their research and development phase to something more tangible.

It's not far-fetched to think that the marriage of blockchain technology and the banking sector could completely revolutionize the way in which day-to-day business transactions are facilitated by financial institutions across the globe.

Has likely done far more to hasten the end of physical cash than any blockchain today or likely will over the next ten years.