JPMorgan Files Patent for Blockchain Interbank Transaction Solution
Leading American financial holding JPMorgan Chase & Co intends to patent a system that uses the technology of blockchain to accelerate and verify financial transactions.
In an application published on the May 3rd of the US Patent and Trademark Office, JPMorgan describes a system that uses distributed registries to record payment information exchanged between banks via peer-to-peer network.
The application claims that the technology will create a "unique system for recording transactions and storing data". In the document, JPMorgan outlines the system
“In one embodiment, a method for processing network payments using a distributed ledger may include: (1) a payment originator initiating a payment instruction to a payment beneficiary; (2) a payment originator bank posting and committing the payment instruction to a distributed ledger on a peer-to-peer network; (3) the payment beneficiary bank posting and committing the payment instruction to the distributed ledger on a peer-to-peer network; and (4) the payment originator bank validating and processing the payment through a payment originator bank internal system and debiting an originator account.”
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The application itself was filed initially in October 30th last year. According to its authors, blockchain technology will help improve existing systems, ensuring cheaper and faster calculations for real-time transactions. The authors wrote about the benefits a blockchain-powered interbank transaction system could bring:
“To implement cross-border transactions between the payment institution and the payee, it is necessary to transfer a number of messages between the banks and the clearing services involved in the process of transferring the transaction. Often, such a transaction can be slow because of the correspondent bank, messaging networks and clearing intermediaries in the payment flow.”
article by @cryptomarks
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