How the banking alliance uses blockchain to increase efficiency
Enterprise blockchain promotion
In October 2017, JPMorgan Chase (JPM) quietly launched a small industry competition network to test how payments were made to each other using distributed ledgers. The platform promises to simplify the compliance process by moving data to a shared ledger, reducing the number of programs that traditionally take weeks to hours.
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By 2018, the consortium included large banking companies such as Mizuho, Santander, Societe Generale and Royal Bank of Canada; within 11 months, there were 76 members of the IIN consortium.
JPM and Santander were originally part of the R3 consortium, which built a corporate blockchain platform called "Strings." Many members of IIN work simultaneously with Corrugated Companies, while others are associated with Hyperledger or the Revenge Enterprise Alliance. xRapid or xCurrent is integrated into inter-currency settlement. In essence, IIN is just one way to improve compliance efficiency – not as a payment settlement layer.
Since the blockchain allows participants to not only become part of the network but also form a governance model, this is the ideal solution for sharing data on shared ledgers. In addition, these companies did not disclose confidential data, only data they could know for competitors.
These companies are very reluctant to share any information; once they can overcome this obstacle, compliance in all industries will be significantly improved. Gartner estimates that the value of the blockchain consortium will reach $3.1 trillion by 2030.
Pro blockchain, anti-bitcoin
The constant narrative between large companies is valuable for blockchains and distributed ledgers, but they are skeptical about the utility of Bitcoin. JPMorgan Chase is no stranger to this because their CEO Jamie Dimon called Bitcoin a scam – he thought he quickly withdrew his statement.
We are increasingly seeing that companies are actually starting to research and understand distributed ledgers and digital currencies. In the long run, the future of blockchains and digital currencies in the enterprise is forming a powerful force. Despite comments from people like Ruhr El Robini who don't believe in the utility of distributed ledgers, the blockchain can change the world's narrative is growing rapidly. (New Finance)
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