The leading US financial holding is going to patent blockchain decision. JPMorgan Chase & Co wants to use this technology for verification of financial transactions.
As CoinDesk informs, in its patent application published by the U.S. Patent and Trademark Office, JPMorgan gives description of system using distributed registries in order to record information about payments, transferred by banks through peer-to-peer net. The description states that the technology will allow to create the unique system for recording transactions and data storage. The application was given in October, 2017. According to the point of view of its developers, the blockchain technology will help to improve the existing systems with the guarantee of cheaper and faster calculations for transactions. As authors added that the transaction can be slow because of bank-correspondent, nets of messages transfer and clearing agents in payments flow. It is necessary to note that it is the first attempt of JPMorgan Chase in the sphere of blockchain patents. But holding has already developed its own private blockchain Quorum. It is designed for operations with securities.