I tested Investment banking firm JPMorgan recently made payments Blockchain Among the satellites orbiting the Earth, which indicates that digital devices can use the technology behind virtual currencies in transactions.
So-called IoT devices are associated with consumer electronics, and banks want to be ready to process payments when these smart devices start making Transactions independently.
Omar Farouk believes Umar FarooqSpace is a good place to try it, onyx, CEO of JPMorgan’s blockchain business.
“The idea was to explore Internet of Things payments in a completely decentralized manner, and there is no place more decentralized and separated from Earth than space,” Farouk said.
To conduct the space experiment, the company’s blockchain team did not send its own satellites into space, but worked with the Danish company GOMspace, which allows third parties to run the programs via its satellites.
Farouk explained that satellite testing showed that blockchain networks can operate transactions between everyday objects.
The test also showed that it is possible to create a market where satellites send data to each other in exchange for payments, as more private companies launch their own devices into space.
Back on Earth, examples of IoT payments that could soon become a reality include ordering and paying for a smart refrigerator for milk via an e-commerce site, or a self-driving car that pays for fuel.
Financial firms have invested millions of dollars to find uses for blockchain technology in the hope that they can reduce costs and simplify more complex IT processes, such as securities settlement or international payments.
One of the most active in blockchain technology was investment banking services firm JPMorgan, announcing the construction of a distributed ledger called Quorum in 2016.
It also developed a digital currency called JPM Coin, and in 2020 it created Onyx, and said: It has Onyx More than 100 employees and their blockchain applications close to generating revenue for the bank.
Farouk said: Among the department’s applications are Liink, a payment information network that includes more than 400 banks, a project for paper check replacement and IoT experiments.