Financial Review:
“We are the only financial player that owns the entire stack, from the application to the protocol. We are big believers in Ethereum. They wrap a gold bar into a tamper-proof case electronically tagged, and they can track the gold bar from the mine to end point – with the use case being, if you know it’s a socially responsible mine, someone will be willing to pay a higher spread on that gold versus if you don’t know where it comes from. Diamonds is another example.”
J.P. Morgan further plans to embed blockchain technology across the value chain with the aid of Quorum. Along with tokenization, Quorum is being considered for custody, capital markets issuances and secondary markets.
JPMorgan is amongst the world’s most valuable bank by market capitalization, earning such a big account is a very big plus for the blockchain technology. The platform will aid the New-York based bank to explore all the potentials available in the blockchain, especially the ones which could eliminate unnecessary maintenance costs and harness the comparative advantages of smart contracts into their daily business.
Developed by JPMorgan’s partnership with Ethereum Enterprise Alliance, the Quorum blockchain’s usability in a private blockchain installation was attained using battle-tested technology from Core OS.
Read more: JPMorgan Predicts U.S. 2020 Recession, Will It Push A Bitcoin Bull Run?
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