Multinational investment bank JP Morgan will launch its blockchain-based payment network in Japan early next year, according to Bloomberg.
The network, dubbed the Interbank Information Network (IIN), will address issues of data sharing among banks and streamline payment transactions.
It will also be utilised as an anti-money laundering (AML) measure, with financial crime reportedly on the rise in Asia over the past year.
More than 80 Japanese banks are interested in the platform, with 20% of the total 365 global participants being from Japan.
The IIN is based on JP Morgan’s in-house blockchain platform Quorum. It was launched officially in 2017 when Deutsche Bank became the first financial institution to adopt it.
Dr Yukio Uchino of Daiwa Institute of Research said: “The benefits of participating are significant. Accumulating experience with IIN will lead to further efficiency, including standardisation of procedures.”
He added that while the potential benefits are vast, the main challenge will be “how to get major Chinese banks to join”.
China has recently warmed to blockchain technology, with President Xi Jinping stating that it is “vital” to the future of the country.
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