JP Morgan Announces a New Blockchain-Based Platform for International Transactions

JP Morgan Chase & Co. we have recently announced a new payment platform based on Ethereum which will facilitate the international financial transactions of banks .

The network, called the Interbank Information Network, will reduce the time required for international money transfers to a few hours to several hours. The Interbank Information Network also aims to provide a good experience for customers with fewer transactions and better security. At the same time, this platform allows the details of the actual process on the network to be restricted only by the process itself and by those who need to know the details of the process. However, it also has additional features such as allowing banks to do covert transactions.

Royal Bank of Canada and Australia and New Zealand Banking Group Ltd. are among the first banks to use the network. Emma Loftus, JP Morgan Chase's global payments and foreign exchange manager, told Reuters that they came from IBM Corp.'s signature and added:

"Blockchain's capabilities haveallowed us to rethink how to communicate critical information across banks.