JPMorgan Chase says it will focus on exploring blockchain applications in trade finance

Rage Comment : JPMorgan Chase is also exploring blockchain applications. Currently, the bank is exploring distributed ledger applications in the trade finance field, but trade finance is only one of the many fields that the bank is exploring. Jeremy Shaw, head of trade finance in Europe, the Middle East and Africa, believes that the trade finance field should be viewed from the perspective of blockchain and corresponding changes should be made. JPMorgan Chase Bank publicly stated that it is working with Digital Asset Holdings (former JPMorgan Chase General Manager Blythe Masters) to conduct international transfer blockchain tests.

Translation: Nicole

JPMorgan Chase’s senior trade finance executive provided an update on the bank’s progress in applying blockchain technology.

Jeremy Shaw, head of trade finance for EMEA, told Financial News that the trade finance sector is just one area where banks are exploring distributed ledger applications, making the following comments following a wide-ranging discussion on trade finance and its future.

Jeremy Shaw

“I think you should rethink the way you look at trade with a different lens,” he told the publication. “We have a team that’s looking at trade from a blockchain perspective, for example, looking at how distributed ledgers can be used for a number of different products, trade being one of those products. I personally think we should look at trade with a different lens.”

Earlier this year the bank publicly announced that it was working with Digital Asset Holdings (formerly JPMorgan Chase managing director Blythe Masters) to test blockchain for international money transfers.