The US Patent and Trademark Office has made public a patent application from JP for a system that uses blockchain to keep track of cross-border payments sent between financial institutions.
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J.P. Morgan Files Patent for Blockchain-Powered Payments
In the application, J.P. Morgan notes that cross-border payments require “a number of messages” that must be sent between the bank and clearing houses involved in the transaction. This often results in delays and a restricted availability to the funds. Rather, the transaction on the blockchain would eliminate high costs, provide a system for accurately logging the transactions, and process payments in real time with a verifiably true audit trail.
