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Quorum, an Ethereum [ETH] based blockchain that was built specifically for businesses, it will now be used to tokenize gold bars. The quorum can also be modified and redistributed as it is open source e It will be used to enable sustainable miners to earn a premium on global markets. This indicates that new business opportunities will pave the way for the banking and financial sector.
Resources can be tokenized to distinguish them effectively, which can then be used to move them to a distributed ledger.
Blockchain technology gained grip after being introduced into Bitcoin[BTC], which then moved to other cryptocurrencies and is now introduced in the banking sector. However, technology is not used to move money; it is used to manage inefficiencies in register maintenance and to manage global liquidity.
The head of JP Morgan's blockchain initiatives, Umar Farooq, said:
"I would say that blockchain will have a radical impact on some of our businesses because some companies are fundamentally oriented to bringing people together, ensuring trust between the parties".
Farooq added that they are building private networks, but there is a process of long-term reflection on what happens when we arrive at a point where public-private convergence is needed – a connection. According to him, at that point, if you are somehow a derivative of a public platform, it could become easier. Commented:
"We are not at the point where we believe that public networks are suitable for financial institutions or businesses in general, but you never know what will happen in five years."
The new JP Morgan initiative was reported for the first time by the Financial Times. The bank had declared:
"We continue to believe that distributed ledger technology will play a transformative role in the business world, which is why we are actively developing more blockchain solutions – we will not comment on speculation, but Quorum has become a very successful business platform even beyond financial services and we are excited about its potential. "
Last October, JP Morgan announced that the Quorum will be used to build an interbank payment platform, along with Australia and the New Zealand Banking Group (ANZ) and the Royal Bank of Canada.
Written by,
Syed Suhaib
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