JPMorgan Chase & Co. has begun to invest in the blockchain, hoping to use it to streamline loans and settlements. The bank's leaders believe that the blockchain will help make transactions faster and more accurate, according to a report by International Business Times.

JPMorgan entered into a partnership with digital technology company Digital Asset Holdings to begin this experimentation. "Blockchain will be big in everything related to settlement, and not just loans," said Daniel Pinto, head of JPMorgan's investment bank. "While it is still early days, the technology looks very good."

Other big financial institutions have been experimenting with the blockchain as well, including Goldman Sachs. "From banking and payments to notaries to voting systems to vehicle registrations to wire fees to gun checks to academic records to trade settlement to cataloging ownership of works of art, a distributed shared ledger has the potential to make interactions quicker, less-expensive and safer," said Robert D. Boroujerdi, Goldman analyst, in an interview with Business Insider.