Siemens uses JPMorgan Chase’s Onyx and SWIAT private blockchains to settle digital commercial paper

German industrial giant Siemens has successfully issued and settled €100,000 worth of digital commercial paper through JPMorgan’s Onyx blockchain platform and SWIAT’s private blockchain. The transaction was conducted under the German Electronic Securities Act (eWpG), with payment made using JPMorgan’s JPM Coin System and asset transfers made through the SWIAT network’s delivery-versus-payment (DvP) mechanism. The entire process took just 93 seconds, with DekaBank also involved as a regulated crypto-securities registrar on the SWIAT network. The transaction marks the start of Onyx and SWIAT’s collaboration to develop asset issuance products on blockchain rails for commercial banks. The two companies said their goal is to shorten the value chain, increase transaction flexibility and speed, and ultimately enable commercial banks to conduct financial transactions on blockchain rails. (CoinDesk)