The JP Morgan leads return of bank notes !
History repeats itself or so the. saying goes. Banknotes were originally issued by commercial banks, which were legally required to redeem the notes for legal tender (usually gold or silver coin) when presented to the chief cashier of the originating bank. These commercial banknotes only traded at face value in the market served by the issuing bank.
According to Wikipedia
In China during the Han Dynasty promissory notes appeared in 118 BC and were made of leather. Rome may use a durable lightweight substance as promissory notes in 57 AD which have been found in London.However, Carthage was purported to have issued bank notes on parchment or leather before 146 BC. Hence Carthage may be the oldest user of lightweight promissory notes. The first known banknote was first developed in China during the Tang and Song dynasties, starting in the 7th century. Its roots were in merchant receipts of deposit during the Tang Dynasty (618 — 907), as merchants and wholesalers desired to avoid the heavy bulk of copper coinage in large commercial transactions. During the Yuan Dynasty, banknotes were adopted by the Mongol Empire. In Europe, the concept of banknotes was first introduced during the 13th century by travelers such as Marco Polo,with European banknotes appearing in 1661 in Sweden.
Jp Morgan issues banknotes into the modern age!
One of the original problems of the aforementioned banknotes was counterfeit notes. JP Morgan has forked the Ethereum blockchain code and created Quorum a private centralized blockchain. JPM Coin showcases several of Ethereum’s core benefits for the finance and banking industry. Real-time settlement ,assurance that payment networks guarantee access controls, privacy of data, and performance.
How does JPM coin work?
The JPM Coins will be issued to JPMorgan clients when they deposit money to a particular JPMorgan account. The coins can then be used to transfer money to someone else’s account over the blockchain. The recipient of JPM Coins would then exchange them for fiat currency. The technology would reduce the typical settlement time for transactions, the bank says in FAQ section, without mentioning any details about how much these instant blockchain-based transactions will cost customers.
