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Investment bank JPMorgan recently tested blockchain payments between satellites orbiting the Earth, demonstrating that digital devices can use the technology behind virtual currencies in transactions.
So-called IoT devices are tied to consumer electronics, and banks want to be ready to process payments when these smart devices start to transact independently.
Omar Farooq, CEO of JPMorgan’s Onyx blockchain business, thinks the space is a good place to try it out.
Farouk said: The idea was to explore Internet of Things payments in a completely decentralized fashion, and there is no place more decentralized and separate from Earth than space, according to Arab Gate for Technical News.
To conduct the space experiment, the company’s blockchain team did not send its own satellites into space, but worked with Danish company GOMspace, which allows third parties to run the programs through its satellites.
Farouk explained that satellite tests have shown that blockchain networks can perform 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 may soon become a reality include ordering and paying for a smart fridge for milk through 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 hopes 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, investment banking firm JPMorgan announced the construction of a distributed ledger called Quorum in 2016.
Blockchain
He also developed a digital currency called JPM Coin, and in 2020 he created Onyx, and said: Onyx has over 100 employees and their blockchain applications on the verge of generating revenue for the bank.
Farouk said: Among the department’s applications are Liink, a payments information network that includes more than 400 banks, a paper check replacement project, and IoT experiments.
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