And there lies the rub, because as far as I can tell, this particular (and no particular) blockchain implementation does not in fact reduce any friction for things they are already doing.
Does TPS increase non-trivially in a private chain vs a public chain? If not, will a private chain's TPS at least substantially outpace the TPS of, say, Ethereum within 3-5 years? That is, will JPM's private chain reach 100, or 1k, 10k, 100k, etc TPS?
Assuming TPS reaches a sufficiently high-level (whatever that could be), would a private chain require fewer sysadmin/engineering/etc. folk, compared to what the DTCC model requires?
Does a semi-private chain (where JPM allows other partners or competitors to plug-in) have a faster on-ramp? That is, would it be faster to plug players in than a traditional solution?
Is there a cost reduction somewhere within the audit process? Other processes?
I have these types of questions, but it is difficult to find much substantive discussion on them. Typically, answers are Yes or No, but with little to no detailed explanation as to why.
The important thing to understand here is that JP Morgan thinks about blockchain technology completely differently than libertarian futurists. Blockchain is not a movement for them - it's a technology that reduces friction for things they are already doing.