Despite the criticism, TradFi institutions still prefer using public blockchains for real-world asset tokenization.
Public blockchains are still not adequate for executing large amounts of transactions, according to JPMorgan.
During the BIS Innovation Summit on May 7, Umar Farooq, the CEO of JPMorgan’s Onyx blockchain-based payment platform said:
The CEO’s comments came in response to the Unified Ledger, a concept introduced by the Bank of International Settlements (BIS) last year, that aims to support central bank money flows, tokenized deposits, and digital assets on its network.