JPMorgan Employs Blockchain to Expedite Interbank Dollar Transactions in India

JP Morgan Chase & Co JPM tapped six Indian banks to launch a blockchain-based platform to settle interbank dollar transactions in the nation’s most contemporary international financial hub.
The real-time blockchain-backed system will help to cut down on transaction settlement time and make it available round-the-clock.
The investment bank proposes to run a pilot project using JPMorgan’s blockchain platform Onyx to analyze banks’ experience, Bloomberg cites senior country officer India and vice chairman Kaustubh Kulkarni.
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The banks include top private lenders like HDFC Bank Ltd, ICICI Bank Ltd, Axis Bank Ltd, Yes Bank Ltd, and IndusInd Bank Ltd, in addition to JPMorgan’s banking unit at GIFT City, he said.
“By leveraging blockchain technology to facilitate transactions on a 24x7 basis, the processing is instantaneous and enables GIFT City banks to support their own time zone and operating hours,” said Kulkarni.
Price Action: JPM shares traded higher by 0.16% at $140.70 premarket on the last check Monday.
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