THELOGICALINDIAN - Prominent banking behemothic JP Morgan Chase Co has alien its new activity that utilizes blockchain technology for all-embracing money transfers
JP Morgan has been featured in several accessories in the aftermost brace of weeks as its CEO, Jamie Dimon, agonizingly criticized Bitcoin by calling it a “fraud” and “tulip aberration 2.0”. Dimon’s comments accept acquired a lot of altercation in the Bitcoin community. In a contempo article, Dimon alike predicted that governments will blast Bitcoin because they are not able to appropriately ascendancy it. Despite his criticism of the agenda currency, however, Dimon has declared several times that he is a able adherent of the blockchain technology itself. According to a new report by Wall Street Journal, JP Morgan has apparent a new money transfer system that is powered by blockchain technology.
Many big banking institutions like BNP Paribas, BBVA, and ING accept experimented with blockchain technology. Now, JP Morgan has alien a new money alteration arrangement that uses blockchain technology. The address suggests that blockchain technology will acquiesce faster and added defended money transfers worldwide. Currently, the new arrangement is actuality acclimated by the Royal Bank of Canada, and Australia and New Zealand Banking Group.
JP Morgan is now planning to added analysis this new money alteration arrangement and to aggrandize it to added banks and cyberbanking institutions worldwide. It’s account acquainted that the this isn’t the aboriginal time that the cyberbanking casework giant has acclimated blockchain technology for its systems. The arch of Arch of Channels, Analytics, and Innovation for Treasury Casework at JP Morgan, Umar Farooq, acclaimed in the address that the aggregation has ahead acclimated blockchain technology for securities, derivatives, aegis casework and transaction banking. The best broadly acclimated arrangement for acquittal processing common is SWIFT, but abounding experts and analysts are admiration that blockchain technology and broadcast ledgers may alter it.
What are your thoughts on JP Morgan’s new money alteration system? Do you anticipate that blockchain technology is advantageous for all-embracing money transfers? Let us apperceive in the comments below!
Images address of Pixabay, Reuters
