CURRENT AFFAIRS

Detailed explanation-1: -J.P. Morgan and Visa are teaming up to streamline cross-border payments using their private blockchain networks, Liink and B2B Connect. Liink, formerly called Interbank Information Network, was launched by J.P. Morgan in 2017 with the goal of making cross-border transfers more efficient.

Detailed explanation-2: -XLM issued by the Stellar foundation is one of the best cross-border cryptos offering simple, quick and low-cost transactions.

Detailed explanation-3: -The bank is using the R3 blockchain platform for enabling Digital Vault – a custody blockchain platform for storing digital assets. The technology helps with lowering the cost of their custodial service to a huge extent.

Detailed explanation-4: -JPMorgan Chase and Visa are to establish connectivity between their global private blockchain networks, Liink and B2B Connect. Under the collaboration Visa B2B Connect will utilise Confirm, a new tool from Liink to validate new accounts for cross border payments and to approve accounts when new users onboard.

Detailed explanation-5: -Blockchain, or distributed ledger technology, is a game-changer move in cross-border money transfer. With encryption technology, the payment process becomes faster. Currently, many blockchain-based payment platforms exist and many more will appear in the coming days.