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Tuesday, December 10, 2019

Japan to Use Blockchain Payments

Another indication of the wider adoption of Blockchain for tracking verified currency transfer.

JPMorgan Chase’s blockchain payments platform looks to be expanding to Japan, and soon.
Daniel Palmer in Coindesk

The U.S. banking multinational is eyeing a launch for its Interbank Information Network (IIN) in the East Asian nation possibly in January, executive director Daizaburo Sanai told Bloomberg in a report on Monday.

Built on Quorum, a permissioned blockchain based on ethereum and developed by JPMorgan, IIN is designed to enable member banks to exchange information in real time, allowing them to verify a payment has been approved. This, the bank says, helps reduce friction in international payments and ultimately leads to faster processing times.

The system is also a way of reducing the risk of money laundering, which is why over 80 Japanese banks have expressed an interest in joining IIN, Sanai said.  .... " 

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