{"id":51298,"date":"2023-06-05T07:45:08","date_gmt":"2023-06-05T11:45:08","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=51298"},"modified":"2023-06-05T07:45:15","modified_gmt":"2023-06-05T11:45:15","slug":"jpmorgan-utilizes-blockchain-for-bank-transfers-in-india","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/jpmorgan-utilizes-blockchain-for-bank-transfers-in-india\/","title":{"rendered":"JPMorgan Utilizes Blockchain for Bank Transfers in India"},"content":{"rendered":"\n

JPMorgan, in its quest to investigate the advantages of blockchain<\/a>, has used the technology to perform interbank dollar transactions in India, eradicating some limitations of conventional finance.<\/p>\n\n\n\n

\"JPMorgan
JPMorgan Utilizes Blockchain for Bank Transfers in India<\/figcaption><\/figure>\n\n\n\n

Bloomberg reported on June 5 that JPMorgan has partnered with six major Indian banks to launch a blockchain-based platform for the intermediary settlement of dollar transactions.<\/p>\n\n\n\n

HDFC Bank\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank, and JPMorgan's banking unit are participating institutions at Gujarat International Finance Tec-City or GIFT City.<\/p>\n\n\n\n

According to JPMorgan's senior country officer, Kaushik Kulkarni, the blockchain project seeks to increase the settlement system's capacity. <\/p>\n\n\n\n

According to the executive, the platform will enable institutions to conduct instant transactions twenty-four hours a day, seven days a week.<\/p>\n\n\n\n

Transactions could take up to several hours under the current interbank settlement system<\/a>. In addition, settlement is unavailable on weekends and public holidays. <\/p>\n\n\n\n

Kulkarni asserted that JPMorgan's blockchain pilot would eliminate this barrier, stating:<\/p>\n\n\n\n

\n

\u201cBy leveraging blockchain technology to facilitate transactions on a 24×7 basis, processing is instantaneous and enables GIFT City banks to support their own time-zone and operating hours.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

According to the report, the initiative also seeks to assist New Delhi in establishing GIFT City as an alternative trading hub to Singapore and Dubai.<\/p>\n\n\n\n

According to Kulkarni, JPMorgan will conduct a pilot initiative to analyze the experience of banks over the next few months. <\/p>\n\n\n\n

After receiving approval from the International Financial Services Center Authority, the pilot project will be inaugurated on Monday using JPMorgan's Onyx blockchain platform.<\/p>\n\n\n\n

According to previous reports, JPMorgan introduced its blockchain-based platform Onyx<\/a> in 2020 to enhance the quality of wholesale payment transactions. <\/p>\n\n\n\n

As of April 2023, the bank reportedly processed nearly $700 billion in short-term loan transactions via Onyx.<\/p>\n\n\n\n

The news comes as currency strategists at JPMorgan identify signs of the dollar's imminent devaluation. “De-dollarisation is evident in FX reserves, where the dollar's share has fallen to a record low as the dollar's share in exports has declined, but is still emerging in commodities,” the strategists explained.<\/p>\n","protected":false},"excerpt":{"rendered":"

JPMorgan, in its quest to investigate the advantages of blockchain, has used the technology to perform interbank dollar transactions in India, eradicating some limitations of conventional finance. Bloomberg reported on June 5 that JPMorgan has partnered with six major Indian banks to launch a blockchain-based platform for the intermediary settlement of dollar transactions. HDFC Bank […]<\/p>\n","protected":false},"author":12,"featured_media":5964,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[130],"tags":[202,320,351],"class_list":["post-51298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","tag-blockchain","tag-india","tag-jpmorgan"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/07\/El-Salvadors-Bitcoin-move-could-pose-a-challenge-for-the-cryptocurreny-JPMorgan.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/51298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=51298"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/51298\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/5964"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=51298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=51298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=51298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}