J.P. Morgan Pioneers Blockchain for Inter-Bank Payments with US Patent application

Colleagues, after initial hesitation toward Blockchain in 2015-2017 Jamie Dimon’s team a J.P. Morgan filed a patent for inter-bank payments using the technology late last year as disclosed by the US Patent Office this month. The focus of this patent – awaiting approval – in on cross-border payments which require “a number of messages” be sent between the bank and 3^rd party clearing houses involved in the transaction. These transactions on a Blockchain would reduce high costs, process payments in real time with a verifiably true audit trail while providing accurately logging of the transactions. Cryptocurrency Academy believes this is a sign of things to come and fully expects other money center banks worldwide to file their own patents. Bottom line: Blockchain has the potential to reduce costs, speed-up payment processing and do so in a secure manner. In March 2018 financial messaging provider SWIFT worked with 34 global banks to test a DLT proof of concept (PoC) to help with Nostro account reconciliation. Share a comment and subscribe today! Lawrence, CryptocurrencyAcademy (https://cryptocurrencyacademy.blogspot.com)