According to TechFlow, JPMorgan said at the BIS Innovation Summit on May 7 that public blockchains are not yet suitable for executing large transactions. Umar Farooq, CEO of the Onyx blockchain payment platform led by JPMorgan, said that public blockchain ledgers are not suitable for large transactions because they cannot be held accountable.
Notably, JPMorgan’s own Onyx platform is built on Ethereum’s private permissioned blockchain, which enables transactions to be reversed.
