Jamie Dimon, JPMorgan's chief executive, told the financialmarekt quality conference that the bank could be a "big user" of blockchain technology. Although Dimon has long been skeptical of cryptocurrencies, once calling bitcoin a "pet stone," he acknowledged the value of blockchain as a way to "share data and build trust." JPMorgan created its private network, Onyx, based on Ethereum in 2020 for wholesale payments, peer-to-peer lending and cross-border transfers, and has since processed more than $700 billion in transactions. Dimon noted that while blockchain technology is 12 years old, it still appears to him to be slow compared to advances in artificial intelligence.