JPMorgan Chase conducts blockchain project pilot to track car dealer inventory

According to CoinDesk, JPMorgan believes that blockchain can help it track the car inventory offered to dealers and prevent them from plunging the same car for different loans. The JP Morgan Wholesale Auto Finance Department has filed a patent application describing a floor plan borrowing based on distributed ledgers, a revolving line of credit that allows car dealers to borrow from retail inventory. Christine Moy, head of JPMorgan's blockchain, described it as a pilot and is currently testing with a distributor partner but is not yet in production. She also said that the Network of Assets could be used more widely, adding that JPMorgan Chase is negotiating with automakers about the blockchain system, but it is not yet clear which systems.