J.P Morgan has filed an application to obtain a patent and feature payment in the banks utilizing the blockchain technology. Basically, the patent complied in the month of October.
The application was made public by U.S Patent and Trademark Office on Thursday. It plans a process which is necessary to utilize distributed ledger technology such as Blockchain. It is used to maintain a proper balance between consumers and financial firms.
Morgan states in the application that cross-border payments adjure “a number of messages” which must be sent between the bank and clearing firms which are a part of the transaction.
The outcome results have delayed and restricted availability of funds. The transactions on the blockchain can eradicate high costs and provide a system for precisely logging the transactions. The payments are processed in real time and are also verified through a true inspecting system.
Jamie Dimon’s CEO of J.PMorgan’s CEO says it can burst as a surprise for Bitcoin users. He asserts he may fire employees if they call Bitcoin was a scam or digital currency are fraud.
Dimon is differentiating between cryptocurrency and Blockchain. Morgan has constructed its own blockchain on the top of Ethereum. The bank ranked 86th position for the role of forming Enterprise Ethereum Alliance as an open-source blockchain initiative.
The establishment of EEA is for big and tech companies to gather together and enhance business-ready versions of the software behind Ethereum. It is a decentralized computing network which is based on digital currency. The patent filed in October is evocative of another Bitcoin-featured payment system. Previously, in the year 2013, J.P Morgan applied for the patent but was rejected.
Nowadays, technology has made possible for people to transfer money online through various other sources. This is the cordial move taken by J.P Morgan to enhance blockchain technology in banks and other financial institutions. Let’s hope that patent brings success to the banks and other firms.
Share your thoughts on J.P Morgan’s initiative to file for a patent for blockchain technology through Twitter and Telegram.
Image Source:- J.P Morgan