JPMorgan Chase to Develop Blockchain-Based Payment System with Siemens

Briefly:

  • JPMorgan will develop a payment system blockchain-based
  • The system allows you to automate and keep records of a huge volume of transactions, including through cryptocurrencies
  • Siemens stated that such an infrastructure is needed in connection with the popularization of digital business models

American banking giant JPMorgan Chase together with Siemens will begin development of blockchain-based payment systems. It is designed to speed up and automate transaction processing against the backdrop of an ever-growing volume of transactions.

The partners claim that the app will be one of a kind. The system allows you to automate a huge volume of transactions.

Initially, transfers will only be in US dollars, but next year the application will support the euro.

Head of Siemens Payments Management Heiko Nix commented the need for such a solution:

“The main reason for introducing a blockchain-based system is to popularize digital business models. The use of cryptocurrencies and virtual assets requires new solutions in the field of accounting and registration of payments ”.

JPMorgan noted that such an application would be of interest to several other large companies. However, Siemens remains the first to join the idea.

Noteworthy, earlier the CEO of JPMorgan Chase criticized bitcoin. But, apparently, the company is not ready to abandon a new market with huge potential.

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