JPMorgan has filed a patent for blockchain technology. The patent says that the technology will be used to accelerate cross-border payment processes.
The application, submitted in October 2017, was made public last week.
According to the document, JPMorgan detailed about a system that will utilize distributed ledgers to record payments within different banks using a shared network. Every cross-border payment will need to go through multiple messages that are sent between the clearing authorities and bank associated with the transaction. JPMorgan states that blockchain technology will facilitate the payment processing in real time as well as eliminate high costs.
Around the same time that the bank filed the patent, it released a Quorum, a platform that uses similar technology for processing cross-border interbank payments. Quorum is expected to transform into an interbank payment business.
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