Banking giant JPMorgan believes that Blockchain technology has become a commercially viable product. As a consequence, it invites banks and fintechs to develop its renewed Blockchain network.
Sure enough, JPMorgan bank is now inviting other banks and fintech companies to develop its revamped Blockchain network. Great news.
According Christine moy, Director of JPMorgan’s Liink Banking Network:
“The Liink network can serve as the basis for a corporate core network.”
JPMorgan bank and its renewed Blockchain network
In effect, the Liink network is built on a hard fork of Ethereum. Christine Moy added that it is currently operating more as a decentralized network, rather than as a central command product.
Currently, Moy is now inviting more than 400 financial institutions (including 25 of the 50 largest banks) to use his Blockchain Liink network. In fact, to build your digital infrastructure.
Ultimately, Christine Moy stated that Liink participants have the ability to create applications on the web. So doing so allows them to highlight their local expertise with global reach.
“If a Liink participant has specific payment experience in a particular region or currency. For example, you have the opportunity to build an application and deploy it in Liink to make it available to the network”.
Formerly known as the Interbank Information Network, Liink was designed to connect banks in a peer-to-peer manner. And help them eliminate the pain points of cross-border payments and other functions.
According to what was expressed by Moy: “The focus has been on building a peer-to-peer network for cross-border payments, hence the original name, Interbank Information Network. But, now we are also incorporating JPMorgan, companies and fintechs into the Liink ecosystem”.
Similarly, Umar Farooq, CEO of Onyx, stated: “Liink as a new brand comes at a crucial moment. As we seek to redesign how money, information and assets move around the world”.
Liink and its new features
In addition to the rebrand, Liink introduces a couple of new features:
- Confirm. That allows the validation of account information before initiating a payment.
- Format. Which helps to ensure that a payment message is accurately tailored to specific country and currency requirements.
Criticism regarding Bitcoin
Basically, JPMorgan bank executives have been critical of Bitcoin and the crypto space before. However, the bank has changed its stance in recent years and is launching products in the cryptocurrency and Blockchain space.
Notably, JPMorgan has created a business unit with more than 100 employees. By the way, Takis Georgakopoulos, JPMorgan’s Global Head of Wholesale Payments, stated:
“We are launching Onyx because we believe we are going into a commercialization period for those technologies. Going from research and development to something that can become a real business”.
JPMorgan launches JPM Coin
Equally important, JPM Coin, the digital currency of banking giant JPMorgan Chase, is now available after months of development. Consequently, this will be the first time that JPMorgan will use its currency commercially.
Ultimately, JPM Coin will use Blockchain technology to facilitate the transfer of payments between banks and other institutional clients. In this regard, the coin is already active and will be used for the first time this week.
In closing, I leave you this phrase by Christine Moy: «Think of it as the foundation of an enterprise core network«. Referring to the decentralization of large companies.