Siemens uses JP Morgan's Onyx blockchain to settle digital commercial paper
German industrial giant Siemens successfully issued and settled digital commercial paper worth 100,000 euros through JPMorgan Chase's Onyx blockchain platform and SWIAT's private blockchain. The transaction was conducted under the German Electronic Securities Law (eWpG), the payment was made using JPMorgan Chase's JPM Coin system, and the asset transfer was completed through the SWIAT network's delivery and payment (DvP) mechanism. 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 is designed to shorten the value chain, increase transaction flexibility and speed, and promote the large-scale application of blockchain in financial transactions.