A significant milestone for Onyx and SWIAT in creating digital asset issuance products for commercial banks.
Siemens and JP Morgan: an innovative collaboration
German industrial giant Siemens AG recently took a step forward in adopting blockchain technology, using JP Morgan's Onyx blockchain-based payment system and SWIAT's private blockchain. This marked an important milestone in the digital finance sector, demonstrating how traditional institutions can integrate innovative solutions to improve transaction efficiency and security.
On September 13, 2024, Siemens issued €100,000 worth of crypto securities, a type of tokenized commercial paper. This transaction was completed in a record time of 93 seconds, from the time the transaction was confirmed to its settlement. This achievement not only highlights the speed of transactions on the blockchain, but also the effectiveness of JP Morgan's payment system.
The role of Onyx and SWIAT.
The transaction was conducted on the Onyx network using the JPM Coin system, while asset transfers were settled through the delivery-versus-payment mechanism of the SWIAT network. This synergy between the two platforms represents a significant step toward the issuance of digital asset products for commercial banks. With the increase in transactions conducted through JPM Coin reaching billions of U.S. dollars in a few days, JP Morgan is demonstrating the potential of blockchain in the financial sector.
Why is this transaction important?
The ability to issue and settle securities so quickly and safely could revolutionize the way companies manage their capital. The tokenization of securities allows for greater liquidity and accessibility, opening up new opportunities for investors and companies. In addition, the use of blockchain reduces the risk of fraud and increases the transparency of transactions.
Future Perspectives
With the increasing adoption of blockchain technology by financial institutions, more companies are expected to follow Siemens' example. The collaboration between JP Morgan and SWIAT could lead to further developments in digital asset issuance, helping to create a more efficient and secure financial ecosystem. It is critical that companies and investors stay informed about these innovations and consider how blockchain can influence their financial strategies.
In conclusion, the Siemens transaction represents an important step toward a future in which blockchain plays a central role in the financial sector. The opportunities are immense, but it is essential that we continue to monitor the evolution of these technologies to make the most of their advantages.
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