JPMorgan’s Ethereum-Based Blockchain Payments Trial Adds 75 Banks

A blockchain payments trial jointly launched by a trio of banks led by JPMorgan has roped in 75 new banks globally for seamless and faster interbank settlements.

First deployed by JPMorgan in October 2017, the Interbank Information Network began as a blockchain experiment to minimize the participants and friction typically involved in a global payments transaction. The blockchain is developed using Quorum, an Ethereum-based private blockchain developed by JPMorgan in partnership with development studio EthLab.

As CCN reported at the time, JPMorgan’s blockchain foray took shape nearly to the day two years ago in 2016. The largest bank in the United States quit banking-centric blockchain consortium R3 the following year, presumably to build on the development of its own in-house blockchain.

Eleven months later, the endeavor – which includes the Royal Bank of Canada and the Australia and New Zealand Banking Group (ANZ) as a trio of members – is now rivaling R3 with the addition of ‘more than 75 of the world’s biggest banks,’ according to a Financial Times report.

Get full details here: https://www.ccn.com/jpmorgans-ambitious-ethereum-based-blockchain-payments-trial-adds-75-new-banks/amp/

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