JPMorgan Chase has released a report that shows that 201 banks have joined its permissioned variant of the Ethereum blockchain, the Interbank Information Network (IIN).
Some of the banks that joined the IIN
The list of banking partners are headquartered in all major continents, and includes the likes of the Royal Bank of Canada, India’s ICICI Bank, Bank of Sharjah and, of course, JPMorgan Chase.
Suresh Shetty, Blockchain Technology Lead for IIN, spoke about the effort,
Historically, correspondent banks communicate one-way, bank-to-bank, but we have transformed their interaction. When a payment detail is flagged for confirmation, different parties can interact simultaneously, requesting and sharing information.
The IIN is powered by Quorum, a permissioned variant of the Ethereum blockchain that JPMorgan Chase has been working on. The IIN was first piloted in 2017.
The full list of banks can be viewed here.
The bank has stated the ever growing network of banks will facilitate cross-border payments across all major regions.
JPMorgan Chase Working Intensely on Blockchain
After announcing the JPM Coin, which attracted a lot of attention, JPMorgan has steadily released new information that showcases their interest in DLTs, including a privacy technology based on zk-SNARKs.