Chargebacks911® COO Calls New System “Another Step” Toward Blockchain Acceptance
Chargebacks911 COO Monica Eaton-Cardone is a widely-recognized thought leader in payments and FinTech. She was invited to share her insight in a recent feature on PaymentSource, commenting on JP Morgan’s latest move to embrace distributed ledger technology, or DLT.
PaymentsSource offers frontline coverage and analysis for payments professionals. They provide “critical insight and thought leadership on the fast-moving global payments sector,” attracting an audience more than 16,000 followers representing merchants, acquirers, issuers, gateways and PSPs.
JP Morgan announced the launch of JPM Coin, their own digital intrabank currency, earlier this year. Now, the bank is expanding their experiments with blockchain technology. JP Morgan is developing a new blockchain-based Interbank Information Network (IIN), to which 220 banks have already agreed to sign-on. This will allow JP Morgan and their partners to conduct instantaneous payments across a distributed ledger.
To many, this is just the beginning of wider blockchain technology acceptance. “JP Morgan is leading the charge for the legitimacy of distributed ledger technology in the banking sector,” Monica explains. “As they begin to reap the benefits, more banks will see that and decide they want a piece of the pie, too.”