According to a South Korean news outlet report, five of the largest banks in South Kora have joined JP Morgan’s Interbank Information Network. So far more than 340 banks have applied to become the part of JP Morgan’s IIN which runs on its blockchain Quorum.
With Interbank Information Network JPM aims to reduce hassles involved in cross-border payments. Using JPM’s stablecoin, the banking giant will focus on cost and transaction throughput reduction in cross-border payments.
KEB Hana Bank, Shinhan Bank, and Woori Bank, NH Nonghyup Bank, and Korea Development Bank joined JPM’s payment network IIN.
JP Morgan is not the only one to use blockchain technology to minimize time and coast for making cross-border settlements. Earlier Wells Fargo announced to use their stablecoin that would run on their blockchain platform to connect banks internationally.
Asian banks have shown a great amount of interest in adopting blockchain as alone 80 banks in Japan have signed up to be part of JP Morgan’s IIN. Asian banks constitute about 40% of the current participants of the IIN.
Future of blockchain technology in the banking ecosystem looks promising as major banks continue to adopt the technology. Earlier Wells Fargo executive said that their stablecoin would be much more efficient and cheaper than SWIFT. Let us know in comments, what do you think about the future of blockchain in the banking sector?