Blockchain networks can provide transactions between everyday objects

As reported Reuters, JPMorgan Chase & Co (the largest bank in the United States and seventh largest bank in the world) has recently tested blockchain technology between satellites orbiting the earth to provide payments. The concept proved that digital devices could use the technology behind virtual currencies for transactions. Umar Farooq, the CEO of JPMorgan’s blockchain business Onyx, thought space was a perfect place to try it out.

“The idea was to explore IoT payments in a fully decentralized way,” Farooq said. “Nowhere is more decentralized and detached from earth than space.”

Farooq said the satellite test showed blockchain networks could power transactions between everyday objects.

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