JPMorgan to Develop Payment Blockchain System for Siemens

JPMorgan Chase has partnered with German industrial group Siemens to develop a blockchain-based system for payments according to a story in Financial Times. The system will be used to automatically transfer money (in U.S. dollars for the time being with euros to be supported next year) between Siemens’ own accounts. The application will be geared toward the automation of the various actions required in the recording and verification of payments, the report added. The infrastructure uses JPMorgan’s blockchain unit Onyx, of which Siemens is the first anchor client. This development represents the growing appetite among the world’s major institutions to harness blockchain technology to improve the efficiency and cost of their day-to-day operations.