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JPMorgan partners with Siemens to develop a payment blockchain system

Twitter icon  •  Published 2 years ago  •  Hassan Maishera

JPMorgan will build a blockchain-based payment system for German company Siemens

Wall Street bank JPMorgan Chase will develop a blockchain-based system for payments for German industrial group Siemens.  According to the Financial Times, Siemens will use the system to automatically transfer money between its accounts.

The system will support the US Dollar at the start but will expand to the Euro by next year. The report added that the blockchain would be designed to automate various activities required in the recording and verification of payments.

Blockchain technology has gained application in various aspects of the global economy over the past few years.

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Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.