Siemens and JPMorgan to launch blockchain payments system

Blockchain technology continues to gain ground in the financial market. Siemens and JPMorgan Chase have entered into an agreement that will allow them to jointly develop a blockchain-based system for business-to-business payments and digital accounting.

The platform will aim, in principle, to automatically transfer money between Siemens’ own accounts, although initially they will only carry out transactions in dollars, estimating that during 2022 transactions in euros can be implemented.

For the Siemens group, the application will be aimed at executing, mainly, those actions necessary for the records and verifications of payments, reducing the work of the human factor that also delays the process in this type of operations.

For its part, JPMorgan will use its own Onyx blockchain as infrastructure, which was launched in 2020 as a network aimed at the exchange of value, information and digital assets, using next generation payment rails that induce the transfer of Courage at the right times.

In addition, the financial company is offering its JPM Coin system, which facilitates cash transactions 24 hours a day, using the company’s network, which has become the most attractive model for Siemens due to its operability, making the German group on the first anchor client of the Onyx network.

The system is in the process of development and the date of its launch is unknown, however, some sources consider that by the first quarter of 2022 it could be operational. With this synergy, it is demonstrated how the main companies in the world seek solutions based on blokchain technology.

M. Rodríguez

With information from specialized media in technology