JP Morgan's blockchain payment network will run in Japan early next year, with more than 80 Japanese banks hoping to join the network

Cointelegraph reported on December 10 that JP Morgan's blockchain payment network will operate in Japan in early 2020.

blockchain-3438501_1280 (Image source: pixabay )

The Interbank Information Network (IIN) is based on Quorum, JPMorgan's internal blockchain platform. The network plans to accelerate payment transactions and solve the problem of data sharing between banks.

According to Bloomberg, more than 80 Japanese banks have expressed their willingness to join the network. Since September 2019, a total of 365 member countries around the world have announced their participation in the interbank information network, of which Japanese banks account for more than 20%, the highest proportion of all participating countries.

Daizaburo Sanai, executive director of JP Morgan Chase, said the interbank information network currently integrates the network of 70 banks in Europe, Asia and the United States. The report states that since the Bank of Japan has not participated so far, it is expected that they will begin to integrate with the interbank information network in January 2020.

Sanai said Japanese companies want to join the network to improve anti-money laundering measures, and reports show that the tool can track cash payees "faster and more efficiently."

The interbank information network was launched as a pilot project in 2017, and Deutsche Bank, Germany's largest bank, joined the network in mid-September 2019.

JPMorgan Chase actively explores blockchain technology

JPMorgan Chase is the second largest investment bank in the world after Goldman Sachs. The bank has been actively exploring blockchain and cryptocurrency related businesses. The company's cryptocurrency, JPM Coin, is expected to launch at the end of 2019.

Recently, JPMorgan Chase announced a new blockchain derivative project aimed at accelerating the transfer of cash and collateral. According to an official statement in mid-November, JP Morgan Chase partnered with California-based fintech company Baton Systems to implement blockchain-based technology for instant transfers to multiple clearing houses.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Crazy currency contract: leverage up to 125 times, and overnight positions of 2 billion US dollars

Text: Ratchet Source: A blockchain 100 times leverage, 125 times leverage … More and more players in the curren...

Blockchain

Hacker's "honeypot": the exchange has been stolen 1.36 billion US dollars, accounting for 59.2% in 2018 alone

Bitrue, a Singapore-based cryptocurrency exchange, today announced a hacking attack that cost $4.3 million worth of X...

Blockchain

Exchange Real Volume Report (on) | TokenInsight

Summary of points: 1. According to the report, 36% of the exchanges (11) have a real trading volume ratio higher than...

Blockchain

The essence, risks and new opportunities of exchanges from the perspective of monetary finance

Why do you understand that the exchange must first understand the bank? Where are the new opportunities for the excha...

Policy

FTX Hacker Strikes Again - This Time with Style!

The 72,000 ETH stolen from FTX last year has resurfaced for the first time since the hack, as transactions have emerg...

Market

Interpreting the Current Situation of Digital Asset Custody Opportunities and Challenges for Institutional Investors

With the increasing popularity of digital assets, the demand for institutional-level digital asset custody from famil...