Hassan Maishera
Wall Street bank JPMorgan Chase will develop a blockchain-based system for payments for German industrial group Siemens. According to the Financial Times, Siemens will use the system to automatically transfer money between its accounts.
The system will support the US Dollar at the start but will expand to the Euro by next year. The report added that the blockchain would be designed to automate various activities required in the recording and verification of payments.
Blockchain technology has gained application in various aspects of the global economy over the past few years.
