JPMorgan, the financial service giant, trusts that blockchain technology will offer advantages to banks and payment systems.
Joyce Chang, JPMorgan’s chair of global research, says that blockchain will provide marginal improvements impacted to trade finance in the next three to five years. Blockchain application has become more and more common because of its high potential retrieval from efficiency through digitization, according to a report led by Chang.
The Interbank Information Network (IIN) based on Ethereum blockchain is developed by JPMorgan. The organization is expected to facilitate information sharing between banks. It reportedly consists of more than 157 international bank members.
BBVA and Santander are one of the first banks in Spanish applying blockchain technology in their businesses. Both banks have joined the European Union-International Association for Trusted Blockchain Applications (IATBA).