JP Morgan implements Blockchain payment solution for Siemens

JP Morgan Chase is working with Siemens to create a blockchain system for Siemen's payments

As the Financial Times reported Monday (Dec. 20), the two companies say this system is a first-of-its-kind application. Siemens says it needs the upgraded automation to process a rising number of payments it expects as payment methods like pay-per-use gain popularity.

“If the business would stay the same as it is today, I would say we are fine regarding our treasury set-up. We can automate a bit and maybe we reduce costs and cash allocation,” Heiko Nix, head of cash management and payments at the German industrial firm, said in an interview with the FT. This is not the reason why we are doing this. The reason is that we are seeing a huge change due to the emerging digital business models, because we will no longer be able to forecast cash, for example.”