#56 - How J.P. Morgan is generating revenue and saving money with blockchain.

12/14/22 • 31 min

In the seventh episode of our new season of Web3 Innovators, our host Conor Svensson is joined by Tyrone Lobban, Head of Blockchain Launch and Onyx Digital Assets at J.P. Morgan where he’s responsible for identifying and creating innovative blockchain- based products and solutions.

Prior to this he was Senior Blockchain Product Manager in J.P. Morgan's Blockchain Center of Excellence and was also the Product Lead for Quorum.

Connect with Tyrone on Twitter

Episode highlights:

How Tyrone’s career evolved from Product Management in Credit Markets to becoming a Software Developer, before reading the Ethereum White Paper which changed his trajectory into Blockchain
The early days of the Blockchain program at J.P. Morgan and how this subsequently became Onyx
Why J.P. Morgan launched Quorum and how this has developed
The challenges and opportunities J.P. Morgan have faced due to the high level of interest in Blockchain projects
The complexities when setting up and implementing a use case, even if the end state is clear
Tyrone’s advice for anyone looking to use technology to solve a problem within their industry
The work that is happening moving money on to Blockchain and how Tyrone sees this progressing

Key Takeaways:

It was an obvious thing for me to want to get into this technology. I could see, especially with my experience through the financial crisis, how much a technology like this can bring everyone on the same page - having a shared ledger of information, streamlining processes and information flow. How that could really make a difference. - Tyrone
It's always been about the technology. Web3 wasn't really a word back then. I'm just extremely passionate about how we can use the tech to make improvements, not just within finance, but across industries generally. - Tyrone
It’s evolved over the years, but I would say internally we've been quite consistent around how we want to use the technology. What we have learned is exactly where it makes sense and where it doesn't necessarily make sense. And that has helped us to be more precise around the types of use cases that we focus on. - Tyrone
For us it's really about how we create value not only for ourselves, but for our clients and how we really make it a step change improvement. - Tyrone
We're looking to disrupt an industry or disrupt a business or create something entirely new. So it's very rare that you don't have this challenge of okay, what is the interim step going to be? - Tyrone
We launched a tokenization platform called Onyx Di

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Prior to this he was Senior Blockchain Product Manager in J.P. Morgan's Blockchain Center of Excellence and was also the Product Lead for Quorum.

Connect with Tyrone on Twitter

Episode highlights:

How Tyrone’s career evolved from Product Management in Credit Markets to becoming a Software Developer, before reading the Ethereum White Paper which changed his trajectory into Blockchain
The early days of the Blockchain program at J.P. Morgan and how this subsequently became Onyx
Why J.P. Morgan launched Quorum and how this has developed
The challenges and opportunities J.P. Morgan have faced due to the high level of interest in Blockchain projects
The complexities when setting up and implementing a use case, even if the end state is clear
Tyrone’s advice for anyone looking to use technology to solve a problem within their industry
The work that is happening moving money on to Blockchain and how Tyrone sees this progressing

Key Takeaways:

It was an obvious thing for me to want to get into this technology. I could see, especially with my experience through the financial crisis, how much a technology like this can bring everyone on the same page - having a shared ledger of information, streamlining processes and information flow. How that could really make a difference. - Tyrone
It's always been about the technology. Web3 wasn't really a word back then. I'm just extremely passionate about how we can use the tech to make improvements, not just within finance, but across industries generally. - Tyrone
It’s evolved over the years, but I would say internally we've been quite consistent around how we want to use the technology. What we have learned is exactly where it makes sense and where it doesn't necessarily make sense. And that has helped us to be more precise around the types of use cases that we focus on. - Tyrone
For us it's really about how we create value not only for ourselves, but for our clients and how we really make it a step change improvement. - Tyrone
We're looking to disrupt an industry or disrupt a business or create something entirely new. So it's very rare that you don't have this challenge of okay, what is the interim step going to be? - Tyrone
We launched a tokenization platform called Onyx Di

Previous Episode

#55 - Are NFTs extensions of who we are?

In the sixth episode of our new season of Web3 Innovators, our host Conor Svensson is joined by Daniel Heyman the Co-Founder and CEO of Palm NFT Studio.

Palm NFT studio is a collective of Software Developers, Generative Artists, Storyworld Creators, and Strategists and spans all aspects of Web3 technology and creative production.

Before starting his current company, Daniel was the Co-Founder of PegaSys, which is now the Protocol Engineering division of ConsenSys.

Episode highlights:

How studying the adoption of mobile technology in Kenya got Daniel interested in the space
His learning outcomes from founding a company that wasn’t successful and the path after this
Where the inspiration for Palm NFT Studio came from and its founding story
The challenges the company has faced in its 1st year and how they have worked to overcome them
Their aim for people to have direct ownership over the digital assets they care about and how they are trying to make this a reality
Daniel’s belief that eventually all assets will be represented by NFTs

Key Takeaways:

It seemed evident to me that if we could connect the biggest brands in the world into this technology innovation, we could not only produce some really meaningful projects, but we could use those as the tip of the spear to broader adoption of our entire ecosystem. So Palm Studio set out to create the best platform for large scale web artists, creators, and brands to adopt Web3 technologies. - Daniel
A huge problem that NFT’s have is the misconception in the market of what they are. A lot of people see them as speculative assets that are there to make a quick buck, and people understandably react negatively to that idea. - Daniel
We need to do a lot of work educating the fan base that this isn't a way to make a quick buck. It is to give the audience a deeper connection to the brand and people's relationship to the brand. It’s to give them a piece of the universe, or a piece of the art, or something they can truly own themselves. - Daniel
Everything is focused around delivering value to the end user and if there's revenue associated with that, wonderful. But, just like any product, you start from the point of what value you are providing, not how much money you can make. - Daniel
My belief is that in five years, 99% of NFTs will either be free or below $10. These need to be things that everyone can adopt and consume and interact with, and they can't just be high

Next Episode

#57 - How will tokens change your online experience?

In the eighth episode of our new season of Web3 Innovators, our host Conor Svensson is joined by Weiwu Zhang, Founder and CTO of Smart Token Labs.

Weiwu has over 9 years of experience in blockchain technology, alt currency design and trading algorithms. He has served as a blockchain architect for the Commonwealth Bank of Australia, held the R3 global architect office, and also architected 3 altcoins and 7 ICO projects.

Smart Token Labs is creating a new standard for a tokenized future, building composable smart token bridges from tomorrow to today.

Connect with Weiwu on Twitter

Episode highlights:

How Weiwu bought his first Bitcoin in 2010, which sparked his interest in blockchain
Where his inspiration and focus came from, which led to him founding his own company
The struggles he faced starting Smart Token Labs at a time when the community viewed tokens differently
The broad change of perception and understanding of tokens sparked by NFTs
Issues they face with wider adoption of the technology
How technology capabilities will increase as people demand more functions from tokens
Weiwu’s belief that tokens will create a less frictional market
What Soulbound tokens are and what they may mean for the future
What Weiwu believes mainstream adoption of tokens will look like in 10 years time

Key Takeaways:

Instead of trying to focus on how to make the blockchain programmable, I try to understand what blockchain means to the industry. - Weiwu
People started to see tokens differently because NFTs demonstrated that tokens can be different things. Ever since, it became very easy for us to explain the idea behind Smart Token Labs, how smart tokens can reduce market friction and allow integrated applications like Web3 without synchronised points. - Weiwu
Businesses need to see that with wider access to the market, they're able to sell more goods and services. So they should be more incentivised to use tokens. - Weiwu
We will see a lot of token use cases. We will see all of the smart devices have a token interface.That includes cars, smart luggage or smart meeting rooms. We will see individuals start issuing their time as tokens so that if you want to book a meeting room your app can solve this automatically by the token from the market. - Weiwu
Previously Chrome and Firefox struggled with the idea of whether or not they should be Web3 browsers and connect to the blockchain. The reason they struggled is they didn't see how connecting blockchain would change the web experience. But that wi