Global financial services company JPMorgan continues exploring the benefits of blockchain, deploying the technology to eliminate some restraints of traditional finance.
The blockchain project aims to expand the capacity of the existing settlement system, JPMorgan’s senior country officer Kaustubh Kulkarni said. According to the exec, the platform will allow the banks to process instant transactions twenty-four hours a day, seven days a week. “By leveraging blockchain technology to facilitate transactions on a 24x7 basis, processing is instantaneous and enables GIFT City banks to support their own time-zone and operating hours.”
The blockchain project aims to expand the capacity of the existing settlement system, JPMorgan’s senior country officer Kaustubh Kulkarni said. According to the exec, the platform will allow the banks to process instant transactions 24 hours a day, seven days a week.