201 Banks Join JPMorgan Chase Permissioned Blockchain

JPMorgan Chase has released a report stating that 201 banks have already joined the permissioned version of Ethereum blockchain called Interbank Information Network (IIN). The list of banking partners is very diverse and represents companies from all over the world, including the Royal Bank of Canada, the Indian ICICI Bank, the Sharjah Islamic Bank, and, of course, JPMorgan Chase.

Suresh SHETTY, Blockchain Technology Lead for IIN, spoke about the development of the project:

“Historically, correspondent banks communicate one-way, bank-to-bank, but we have transformed their interaction. When a payment detail is flagged for confirmation, different parties can interact simultaneously, requesting and sharing information.”

IIN is powered by Quorum, a permissioned blockchain that resembles Ethereum. IIN is developed by JPMorgan Chase and was first tested in 2017. The bank said that an ever-growing network would facilitate cross-border payments in all major regions of the world. Earlier, the bank also announced the launch of JPM Coin, which attracted a lot of attention.

Image courtesy of JPMorgan