Banking giant JPMorgan Chase (NYSE: JPM) has confirmed the completion of a blockchain payment test between satellites orbiting the earth. The extraordinary experiment was a partnership with Danish firm GomSpace, executives at the bank told Reuters.
The study explores how the Internet of Things (IoT) technology can be incorporated into payment processing. Banking facilities like JPMorgan are seeking to leverage the technology that is mainly linked to consumer electronics.
According to Umar Farooq, JPMorgan blockchain business Onyx CEO, the test shows that blockchain technology can power transactions between everyday objects. He adds that the study points to the possibility of establishing a marketplace where satellites can provide each other data in exchange for payments.
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