JPMorgan Seeks Patent for Blockchain-Powered Interbank Payments
JPMorgan Chase is seeking to patent a blockchain-based system to facilitate and reconcile financial transactions. On Thursday, the U.S Patent and Trademark Office published a patent application in which JPMorgan outlined a system that uses blockchain technology to record payments being sent from one bank to another using a peer-to-peer network. JPMorgan explained:
"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 (...)"
JPMorgan Seeks Patent for Blockchain-Powered Interbank Payments
JPMorgan Chase is seeking to patent a blockchain-based system to facilitate and reconcile financial transactions. On Thursday, the U.S Patent and Trademark Office published a patent application in which JPMorgan outlined a system that uses blockchain technology to record payments being sent from one bank to another using a peer-to-peer network. JPMorgan explained:
"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 (...)"
Read more here
