JPMorgan has experimented to make blockchain-based payments between satellites in space, as part of projects developed by its dedicated unit Onyx.
The bank is preparing for when Internet of Things devices, such as smart speakers that connect to other devices on the same network, will be ready to make these payments independently – such as buying a car more petrol, or frids ordering eggs for himself.
Tyrone Lobban, head of JPMorgan’s blockchain launch team, said the team “had decided there was enough here to start thinking about what a place payment system would look like in the long run. But first we had to prove that it was possible even by testing some installation components ”.
The bank had to use satellites with GOMspace for the lawsuit, which allows other companies to run third-party software on their network.
As more private companies consider launching their own constellations of satellites, their ability to send payments over a blockchain could soon create a market for peer-to-peer data and pay-as-you-go exchanges. .
“The idea was to scrutinize IoT payments in a fully centralized way,” Farooq said Reuters in an interview February 24th. “There is no place more and more scattered from the Earth.”
The satellite test showed that transactions between connected objects can be successfully done using blockchain protocols, said JPMorgan which was a world leader.
The bank launched Onyx in October, after working on its construction for five years. It has more than 100 employees working on its projects, which include the bank’s own JPM Coin and blockchain-based Liink.
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“Onyx demonstrates our commitment to blockchain and other cutting-edge technologies to strengthen and expand JPMorgan’s Wholesale Payments platform,” said the bank’s global head of wholesale payments Takis Georgakopolous at the time.
“We are at the forefront of redesigning and redesigning better ways of exchanging information and value.”
Among the projects undertaken by the industry to date is Dromaius, which was similar to the issuance and transfer of debt securities to demonstrate the potential for distributed ledger technology, and not in blockchain. only one type.
Meanwhile in a project called Ubin, Onyx has been working with the Monetary Authority of Singapore to develop a prototype that allows payments to be made in multiple currencies on a single blockchain network.
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