JPMorgan Chase, the largest bank in the United States, has recently taken a major step forward in its adoption of blockchain technology. The bank has decided to utilize the technology in the settlement of dollar transactions in a newly developed business district in Gujarat, India. The move is expected to be a pivotal moment in the industry, as blockchain has the reputation of being a more secure and efficient means of conducting transactions.
The bank has developed its own blockchain platform, known as JPMorgan Onyx. The system is based on the Ethereum blockchain and shares similarities with existing platforms like Corda and Hyperledger Fabric. The technology offers various features, such as smart contract functionality and the ability to create and preserve digital identities. The use of JPMorgan Onyx is projected to provide advanced levels of security, efficiency, and transparency, which can revolutionize the way banks conduct transactions.
Meanwhile, Rosbank has achieved a significant milestone in the adoption of cryptocurrencies, becoming the first systemically important bank to introduce cryptocurrency cross-border settlement solutions. The bank now supports cryptocurrency cross-border payments, including Bitcoin, Ethereum, and Litecoin. The adoption of these cryptocurrencies represents a major shift within the banking industry and highlights the increasing importance of blockchain technology in the sector.
With more banks exploring the possibilities of cryptocurrencies and blockchain technology, it appears that the adoption will continue to rise. The use of these technologies provides added benefits such as improved security, efficiency, and cost reduction, facilitating the potential transformation of the banking industry. With JPMorgan Chase and Rosbank leading the way, it is likely that other banks will soon join the trend in the years to come.
По материалам www.vedomosti.ru.
