JP Morgan has two faces when it comes to blockchain. Their board members sometimes talk anti blockchain and bitcoin. Yet in reality they have their own chain and it is being used for digital assets, cross border payments and other digital payment solutions.
Onyx is one of those blockchains which are now being used in multiple use cases, which includes digital share, digital custody, cross border settlement through tokenization and bank internal settlements.
JP Morgan has recently tied up with the Kyriba for the cross border payments and they are also settling the international banking settlements too. So they have made a progress on their onyx blockchain.
Let's take a look at how the Onyx blockchain has integrated the cross border payments and improved so far.
What is JP Morgan's Onyx Blockchain? What is it's usecase?
During the pandemic times JP Morgan came up with the blockchain inteded for the banking transaction and the banking use case. They used a blockchain called Quorum which you can say as enterprise level of Ethereum. And they forked that chain to layer 2 and made the Onyx blockchain. This was inteded with the banking use cases in miind.
They developed the features which were required for the tokenization, digital assets and the interbank connectivity. Add to that there is also the payment system which would allow the international banks to settle each others currency conversion on the forex level. And this would make the platforms easier to work with and use as well. You can read more about Onyx blockchain here.
Cross Border Payments and Tokenized Share Transactions
Onyx recently partnered with the Kyriba and they integrated a payment solution for the international cross border payments. This system would be making use of two components that are being given by the Onyx chain - blockchain deposit account and the JPMCoin. Both of these tech are deployed on the Onyx chain. This would make it easier for the cross nation payments easier.
Blackrock has also deployed their shares through the tokenized system. This way JP morgan onyx chain and the blackrock partnership has worked out for a better digital output. This is going to open up more use case of the digital shares on the banking chain like this which would bring international consumers too. You can read about this news here.
How Onyx is being adopted by the Banks?
Onyx is not the first blockchain bank. There are many enterprise bank chains out there which are not public view as of now. Onyx is the JP Morgans chain which is what making it more exclusive. You can see how the Onyx is performing these days the brand of JP morgan chase name has a lot to say about it. Though we will see how much they would attract other banks.
As of now there are six indian banks are using the onyx chain to settle the dollar in the international banks and the market. Most likely more banks from around the world would come to onyx would change things even further. It would get the credibility like ethereum. And this would also improve their adoption over a longer period of time. You can read about it here.
JP morgan's Onyx blockchain has been growing and developed enough to deploy various blockchain solutions for banks and the financial firms, they are also getting into the payment system. Let's see where they go ahead in near future with their platform and blockchain.