At least 80 Japanese banks have shown interest to join JPMorgan's blockchain network called Interbank Information Network, Bloomberg reports citing Daizaburo Sanai, an executive director at the JPMorgan.
Sanai claims banks want to join the network as it makes the screening of cash recipients "faster and more efficient."
"More than 80 Japanese banks have expressed a willingness to join the Interbank Information Network," said Sanai.
JP Morgan's Interbank Information Network is a blockchain-based network, which is focused on minimizing friction in the global payments process, enabling payments to reach beneficiaries faster and with fewer steps.
Earlier iHodl reported that American multinational investment bank and financial services holding company JP Morgan expanded its blockchain network as more than 330 banks had signed up to be part of its network.
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