- The tool to expand the scope of digital currency tested by JP Morgan Chase & Co
- JP Morgan Chase & Co experiments to cut down the extra cost of transactions to users.
- The satellite checks for the procedure to know the digital occurrences behind it
The Unique Test of Payment Transfers
JPMorgan Chase & Co, the active blockchain bank, did the unique test on the transfers Of payments through satellites orbiting around the earth. To test its feasibility and power impacts, this was made to test the technology that can work beyond and how digital devices can be used to flow virtual currencies. The IoT, which is used to connect devices, is mostly used in the consumer-related electronics market like- Amazon Echo, Google Home, smart speakers etc. With the concept of these devices, Umar Farooq, the JPMorgan Chase Blockchain business CEO, thought the test of digital money through space technology.
The Awaited Result of The Test
The most decentralized manner of work is performed by space rather than earth. To explore the idea of IoT payments, this meant to be a reliable way to find the flow of virtual currencies digitally. To run this experiment, The bank’s blockchain team worked with Danish Company GomSpace, which allows the different firms or the third party to run its software on the satellite.
The most awaited result that boosted digital currency acceptance showed the network to be assertive, which can be used in standard payment methods in the market. This paved the way for creating a marketplace where satellites can send data to each and transaction possible by launching their digital device. Umar Farooq added to the bright future existence by demonstrating Smart Fridge, Self-driving car etc. Millions of digital currency are invested by the companies to find users the most straightforward and low-cost platform for simplifying transactions. JPMorgan announced its own distributed ledger called” Quorum” in 2016 and even introduced JPM Coins. This is seen as the most effective method to replace paper checks and extra cost.
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