I keep hearing bankers like Jamie Dimon say things like "blockchain, not crypto"

As a defi person, who doesn't work at a bank, this confuses me.

If we already have decentralized blockchains that can execute smart contracts that run on cryptocurrency without having to pay extractive rents to traditional banks, why is JP Morgan necessary at all? Why does anyone need a JP Morgan Chain that does the same thing as Ethereum, Solana, Avalanche, etc?

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In short, Blockchain is a technology infrastructure that enable transactions/event validations across parties without relying on one central intermediary (eg clearing house) or one centralized database. This can be used to create cryptocurrency or NFT, but at the same time the tech can be used in many traditional settlements scenarios for real world assets when multiple parties are involved

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I think Jamie Dimon means they want to leverage the technology to serve better in financial services (not to be overthrown by the technology).

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Absolutely great

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They want to build their own infrastructure so they have more control over it in terms of development plan and adding new features. The public Blockchain relies on community and group of people which may not serve their interest as a business.

Also, in terms of finance, having own Blockchain or infrastructure makes you earn fees accumulated over the chain. Plus, they can build more products and update Blockchain whenever needed along with offering infrastructure as a service to gain more business and money flow.

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