TechFlow reports that JPMorgan stated at the BIS Innovation Summit on May 7 that public blockchains are currently unsuitable for processing large-value transactions. Umar Farooq, CEO of Onyx, JPMorgan's blockchain payment platform, said public blockchain ledgers are inappropriate for high-value transactions due to the inability to assign accountability.
Notably, JPMorgan's own Onyx platform is built on a private, permissioned version of Ethereum that allows transaction reversals.




