According to a recent report by a respected Australian media, JP Morgan's people have finally given their "seal of approval" to Ethereum, after the ETH Foundation reaffirmed its constant commitment to the development of the Quorum ecosystem – a business version of Ethereum that was designed to run any application that requires high computational speed and great processing capacity.
At present, the Quorum has continued to find other supporters, with one of the main supporters of the platforms presented in the unlikely form of JP Morgan. If you have to believe the news, it is said that Umar Farooq, head of the JP Blockchain Initiatives, has praised the use of tokenizing quorums of gold bars in custody of various financial institutions.
However, Farooqs views seem to be contrary to those of CEO Jamie Dimons, who has repeatedly denigrated Bitcoin and other alt assets such as delusions. However, recently it seems to have slightly eased its position (when it mentioned):
"I did not want to be the Bitcoin spokesman … I do not give a … .., this is the point … Blockchain is real, it's a technology, but Bitcoin is not the same thing as a legal currency".
That said, Farooq seems to be fully integrated with cryptographic technology:
"There are people outside our company who use Quorum to tokenize gold, for example, they wrap a gold bar in an electronically labeled tamper-proof case and can trace the bar. 39; gold from the mine to the endpoint – with the case of use, if you know it's a socially responsible mine, someone will be willing to pay a higher price spread on that gold against if you do not know from Where it comes … Diamonds is another example … We are the only financial player to own the entire stack, from application to protocol We are great believers in Ethereum. "
While Dimon still firmly believes that the financial sector should focus more on blockchain technology rather than on the use of various cryptographic resources, the central banking system in New York is delighting with the idea of using blockchain technology in significant way (in order to speed up cross-border transaction speed). This was made evident when JP Morgan registered for the Interbank Information Network (IIN), an entity that was launched in 2017.
IIN includes some of the largest banking agencies in the world and was created with the sole purpose of facilitating faster and more efficient bank transfers for the common man.