JPMorgan, a banking giant, unveils a prototype of its blockchain-based platform for capital market during a conference at NYC Consensus 2018, reported Wall Street Journal on May 16.
Their project called “Dromaius” was developed with the Ethereum network and aims to reduce costs and ease smoother transactions within capital markets.
Before to deploy its blockchain platform to its customers, the banking giant will work on integrating and scaling the tech, mentioned the executive director and head of J.P. Morgan’s Blockchain Center of Excellence, Christine Moy. She added that the financial institution’s blockchain “has the potential to be transformative.”
Other banks such as Santander is currently experimenting with the blockchain technology to see how it could implement it in the capital markets, which is an enormous market with large sums of money and various stakeholders.
Moy also explained that currently, there is a multitude of systems for the different stakeholders when transacting, so the goal of their blockchain platform is that every category of stakeholder could use it, which would simplify and facilitate transactions while making it cheaper.
“The promise of natively issuing financial instruments on blockchain is that you can share that infrastructure. […] (Blockchain) should streamline operations, help with cost savings and overall make the experience of transacting or issuing a financial instrument like this more seamless and simplified.”