JPMorgan turns to blockchain for US$ trades in India hubBloombergJPMorgan Chase & Co has tied up with six Indian banks to introduce a blockchain-based platform to settle interbank dollar transactions in the nation’s newest international financial hub. The move would provide a further fillip to New Delhi’s attempt to position GIFT City as an alternative trading center to Singapore and Dubai. The Reserve Bank of India has started a domestic non-deliverable forward market settled in dollars at GIFT City. “By leveraging blockchain technology to facilitate transactions on a 24x7 basis, processing is instantaneous and enables GIFT City banks to support their own time-zone and operating hours,” Kulkarni said. The pilot project was scheduled for launch yesterday, using JPMorgan’s blockchain platform Onyx, after approval from the International Financial Services Center Authority.
