Top seven Indian banks are now part of JPMorgan’s blockchain platform Interbank Information Network, or IIN, that enables faster cross border payments with fewer interruptions. IIN is the first live blockchain service by JP Morgan and it has the largest number of banks across the world. The Indian banks that have joined the platform include ICICI Bank, Axis Bank, Yes Bank, Union Bank of India, Federal Bank and Canara Bank. JP Morgan Chase Bank-India’s CEO Madhav Kalyan said the bank is encouraged by the huge interest from the major banks in India to join the IIN initiative. Based on Qurum, IIN is a permissioned-variant of the Ethereum blockchain developed by JP Morgan and it allows member banks to exchange information in real-time as a way to verify that a payment has been approved.
