JPMorgan Chase & Co. has partnered with six Indian banks, including HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank, and its own banking unit at GIFT City, to introduce a blockchain-based platform for settling interbank dollar transactions in India's financial hub. The move aims to enhance transactional efficiency and position GIFT City as an alternative trading center to Singapore and Dubai. The existing settlement system has time delays and limitations on weekends and public holidays, which the real-time blockchain-backed system aims to eliminate. JPMorgan's blockchain platform, Onyx, will be used for the pilot project, demonstrating the company's confidence in blockchain technology's potential. The collaboration underscores the growing interest in leveraging blockchain for financial services and aligns with India's broader efforts to promote GIFT City as a competitive international financial hub. The successful implementation of the blockchain-based settlement system could pave the way for the wider adoption of blockchain solutions in the Indian banking sector.
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