JPMorgan Chase explores blockchain use in trade finance

JPMorgan Chase’s senior trade finance executive has released new details about the bank’s blockchain project.

Jeremy Shaw, head of financial transactions for Europe, the Middle East and Africa, told the Financial Times that this area is just one of the areas his bank is currently investigating for the use of distributed ledgers, and he also made other comments as part of a wider discussion on trade finance and its future.

He said:

“I think you need to redefine how to do trade from a different perspective. For example, we have set up a team to investigate how to apply distributed ledgers from a blockchain perspective in a number of different products, one of which is trade. I personally think we need to look at business from a different perspective.”

The bank revealed earlier this year that it was testing blockchain technology for international money transfers in conjunction with the Digital Asset Group, which is led by former JPMorgan executive Blythe Masters.