Siemens utilizes JPMorgan's Onyx blockchain for Settlement of digital commercial bills

Golden Finance reported that the German industrial giant Siemens successfully issued and settled a digital commercial bill worth 100,000 euros through JPMorgan’s Onyx blockchain platform and SWIAT’s private blockchain. The transaction was conducted under the German Electronic Securities Act (eWpG), and payment was made using JPM Coin system from JPMorgan. The asset transfer was completed through the delivery versus payment (DvP) mechanism of the SWIAT network. The entire process took only 93 seconds, marking the start of the cooperation between Onyx and SWIAT in developing digital asset issuance products for commercial banks. This move aims to shorten the value chain, enhance transaction flexibility and speed, and promote the scale application of Blockchain in financial transactions.