JP Morgan to launch their new payment network based on Blockchain in Japan at the beginning of 2020. It is expected that the receptivity of the same is favourable, since the japanese society is more interested in this technology. This platform Blockchain internal JP Morgan, based at Quorum, called the Information Network Interbank (IIN). Its purpose is to speed up the payment transactions and to address the main challenges of data sharing between banks. Even before its launch, there are already good reviews related to this new project to be run next year. In accordance with the medium Bloomberg, more than 80 japanese banks have expressed their intention to join the platform. This number is quite encouraging for the members of JP Morgan. In addition, it is important to remember that now the japanese banks represent over 20% of the total of 365 members worldwide, announced their participation in the project from September of 2019. This means that nothing else in Japan is the biggest part of the participants than in any other country. On the other hand, the executive director of JP Morgan, Daizaburo Sanai, said the INN currently operates in 70 banks throughout Europe, Asia and the united States. As the japanese banks had not participated to date, is expected to begin to be integrated in January 2020.
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Impact in Japan
To be successful this plan would be huge benefits for both the banking japanese as JP Morgan. For the first, they would enjoy the facilities that it offers form part of a project with so much scope. For the latter, it gives them prestige and recognition to include the banking japanese among their allies. I will agree with Sanai, the japanese companies want to join the platform in order to improve measures against money laundering. This is because, according to the reports, the tool makes the tracking of offenders to be more rapid and accurate. The issue of security and the fight against cyber crime is of vital importance for the japanese. Especially when they touch upon themes such as Blockchain and the cryptocurrencies. It is for this reason that the feature above is so important.
JP Morgan and their relationship with Blockchain
JP Morgan, who is catalogued as the second largest investment bank, largest in the world, has been dabbling in the technology Blockchain. In turn, he has openly shown his interest in the cryptocurrencies. This can even be seen in their plans to launch their own digital currency, called JPM Coin. It is planned that the launch is performed at the end of 2019. The following two tabs change content below. I am a student of International Studies, interested in new technologies and their impact on the world. A true believer that tenacity is the foundation of success.