Share this article
BTC
$78,264.03
-
6.30%ETH
$1,575.85
-
12.74%USDT
$0.9994
-
0.05%XRP
$1.9161
-
10.08%BNB
$555.05
-
6.32%USDC
$1.0002
+
0.00%SOL
$105.81
-
11.76%DOGE
$0.1487
-
11.48%TRX
$0.2297
-
3.25%ADA
$0.5722
-
12.08%LEO
$8.8800
-
2.78%LINK
$11.25
-
12.15%TON
$2.9126
-
10.15%XLM
$0.2264
-
10.15%SHIB
$0.0₄1128
-
8.32%AVAX
$15.98
-
10.20%SUI
$1.9228
-
12.92%HBAR
$0.1394
-
13.61%OM
$5.7477
-
8.25%BCH
$272.09
-
10.28%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
JPMorgan Carried Out 'Nerdy' Test of Blockchain Payments in Space, Exec Says
The experiment was to trial payments for the internet of things in a "fully decentralized way," said Umar Farooq.
Investment bank JPMorgan Chase has been testing blockchain payments between satellites in earth orbit, executives told Reuters on Wednesday.
STORY CONTINUES BELOW
“The idea was to explore [internet of things] payments in a fully decentralized way,” Umar Farooq, CEO of the bank's blockchain arm, Onyx, said. The blockchain team worked with Danish company GOMspace, which rents out the use of its satellites.
The tests ultimately showed that blockchain technology could power payments between everyday objects, according to the bank.
“Nowhere is more decentralized and detached from Earth than space. Secondly, we are nerdy and it was a much more fun way to test IoT,” said Farooq.
The internet of things (IoT) describes a network of physical objects that are embedded with sensors or software and can share data.
Christine Moy, the global head of Liink, Onyx by JPMorgan, tweeted:
JPM: First bank w space-based payments using multiple satellites, enabling machine-to-machine payments, programmable value xfer, perhaps an intergalactic ccy backed by H2O/O. @elonmusk @JeffBezos @richardbranson let’s talk Space Economy w #crypto! https://t.co/gWZLhd2Iys
— moy.eth $JPMLIINK (@cmoyall) February 24, 2021
Read more: India’s Largest Bank Joins JPMorgan’s Blockchain Payments Network
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
