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​Blockchain - Deutsche Bank joins JPMorgan Network IIN

2019-09-16 10:44 am | Resource: News Section | No Views : 22

​Blockchain - Deutsche Bank joins JPMorgan Network IIN Germany's largest bank, Deutsche Bank, has joined JPMorgan's blockchain-based network, the Interbank Information Network (IIN), newspapers reported.
The JPMorgan-led block chain technology initiative, launched as a pilot in 2017, launched a network of 320 banks that have entered the platform to exchange global payments data using the Ethereum network, the Financial Times reported on Sunday (September 15th).
Takis Georgakopoulos, director of payments at JPMorgan, expressed the hope that Deutsche Bank would be the first among many other large banks to join the IIN, according to the report, Deutsche Bank is the world's largest bank of euro-denominated payments.
IIN will enable Deutsche Bank to provide better services to customers, according to World Bank President for Cash Management Olth Mathesen, who explained, taking up the position in March 2019, that the bank expects IIN to reduce the cost of processing difficult payments.
The IIN network is based on the Quorum system developed by JPMorgan and intends to address the major challenges of sharing information between banks and speeding up transactions for recipients. The Quorum system relies on Blockchain from the Ethereum network, reported by co-founder Vitalik Buterin, to be nearly full as it is the most popular public Block chain network for decentralized applications.
According to Georgakopoulos, JPMorgan aims to reach 400 agreements with banks by the end of 2019, and also expects to announce other large banks in the near future.
As reported last June this year, JPMorgan expects to try out its cryptocurrency JPM Coin by the end of 2019. Recently, JPMorgan CEO Jamie Dimon supported the much-discussed cryptographic project Libra, claiming that currency stability is not a threat to banks in a period of time. short. Meanwhile, Deutsche Bank is one of the 26 global central banks that will meet Libra's founders to discuss the alleged financial stability risks on Monday, in Switzerland.
Blockchain technology continues to be widely used by many of the world's largest financial companies, demonstrating that it is a successful technology that is being achieved in a short time.

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