JP Morgan Seeks Patent for Blockchain Interbank Payment System

JP Morgan Chase is seeking to patent a system for using distributed ledgers as a way to facilitate and reconcile financial transactions. In patent application published by the US Patent and Trade Mark office, JP Morgan outlined a system that uses distributed ledgers to record payments being sent from one bank to another using a peer-peer network.

JP Morgan seeks to remove service delays and slow transactions due to correspondent banking thereby facilitating cross border payment between payment originator and payment beneficiary.

Its not suprising that JP Morgan would seek a Patent for its blockchain related work since it launched a platform for just that kind of service built on etherum off shoot Quorum, days before it filled the patent application.

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