JP Morgan, a global financial services company, has utilised blockchain to remove problems around traditional finance in latest developments, as stated by Cointelegraph.
According to Cointelegraph, the company has collaborated with six Indian banks to unveil a blockchain-backed platform around US dollar settlements. Reportedly, Indian banks which are part of this deal are HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank and JPMorgan’s own banking division at Gujarat International Finance Tec-City (GIFT City).
Based on Cointelegraph’s data, the blockchain application intends to enhance the capability of current settlement structure. Kaustubh Kulkarni, senior country officer, JP Morgan, stated that the platform will permit the banks to process transactions for 24 hours a day and seven days a week. “By leveraging blockchain technology to facilitate transactions on a 24×7 basis, processing is instantaneous and enables GIFT City banks to support their own time-zone and operating hours,” Kulkarni said.
Moreover, Cointelegraph noted that this project intends to help with New Delhi’s commitment to shape GIFT City as a second trading base to Singapore and Dubai.
(With insights from Cointelegraph)
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