Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., speaks during the CEO Initiative event in New York, U.S., on Monday, Sept. 25, 2017. The CEO Initiative brings together the CEOs of some of the worlds most enlightened companies to exchange best practices and leadership techniques, develop actionable solutions, and track tangible progress. Photographer: Misha Friedman/Bloomberg via Getty Images

J.P. Morgan Files Patent for Blockchain-Powered Payments

Here we go. J.P. Morgan Chase has applied for a patent to facilitate payments between banks using the blockchain.

The patent was originally submitted in October, but the application was made public by the U.S. Patent and Trademark Office on Thursday. It outlines a system that would essentially use distributed ledger technology, such as blockchain, to keep track of payments sent between financial institutions.

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.

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