JPMorgan Develops Blockchain System For Siemens Payments

Siemens has partnered with JPMorgan to improve the automation of its payment system by becoming the first client of the Onyx blockchain division. This will allow the German company to make money transactions in USD in its own accounts. It is planned to include the possibility of payments in euros by 2022.

This payment infrastructure is designed to automate the registration and verification of transactions. The possibilities of digital technologies far exceed those of traditional technologies. Siemens needed an infrastructure capable of handling the growing number of transactions, and blockchain proved to be the best solution.

Representatives of the American financial holding announced the creation of Onyx in October 2020. The JPMorgan division includes all of the company's blockchain initiatives, including the stablecoin JPM Coin. As part of Onyx, the holding team tested blockchain payments in Earth orbit.

Image: Financial Times