JP Morgan is Looking Forward to Launching a New Blockchain Network Based on Quorum in Japan

JP Morgan announced its plan to launch a new cryptocurrency, JPM coin, early in 2019 and also to expand its blockchain network, Quorum, in Japan come next year. It also confirmed a new project started to speed up collateral and cash transfers.

In an attempt to achieve these plans, the bank partnered with a fintech Company, Baton Systems. JP Morgan’s launch is a clear indication of technological advancement in handling the financial crisis in the banking world.

The Network has Gained Considerable Support from Japanese Banks

Over 80 banks in Japan are responsive to the platform, which boosts efficiency in receipt screening to curb money laundering. According to a treasury officer in Tokyo, the network will help in the cooperation between banks and regulatory agencies to resolve compliance queries.

JP Morgan is using its capital scale to build an entirely digital bank for better alignment with the client’s interests. It is transforming; this is a good influence for most banks to move from offline legacy and embrace the digital age. It is preparing other banks for a future with global capitalization from cross- border payments to corporate debt issuance over the Blockchain.

How JP Morgan is Expanding Blockchain Projects with Banks

The Blockchain platform will now be used for the improvement of Interbank Information Network (IIN) to improve transaction speed. It will also deal with bank challenges, including data sharing between banks.

IIN uses digital technology to accelerate international money transfers in banks that are interested in thwarting money laundering activities. JP Morgan has now built features to allow verification of transactions sent to valid accounts. The system will enable both domestic and international payments.

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Daniel W
Daniel W
Daniel Wambugu writes daily cryptocurrency and blockchain related articles BitcoinExchangeGuide. His articles have appeared in numerous blogs, media publications, and community forums. He prides himself on once being a beginner and uses his experience to deliver high-quality insightful content for our dear readers. With a knack for reviewing ICOs or researching news, Daniel plans to continue being a top contributor for many years to come.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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