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The blockchain of the US banking giant JPMorgan Chase Bank, Quorum, will be used to "tokenise" gold bars. Quorum is the corporate version of the Ethereum blockchain, developed by JPMorgan Chase, which will ensure that users can operate smart contracts while using pre-programmed rules to automate them.
The blockchain ethereum will offer sustainable miners the opportunity to earn a prize in the global market. In a report on the popular Financial Review news site, development has been described as "an indication of new business opportunities that disruptive technology will create over the next decade".
When the blockchain came to the show a few years ago, its main application was in the financial sector, where digital currencies were created. However, the paradigm shift has driven different applications of distributed register technology into other areas such as health, aviation and banking.
The Financial Review cited Umar Farooq, head of the blockchain initiatives of JPMorgan Chase, which stated:
"We are the only financial player to own the entire stack, from application to protocol."
The development of the quorum
JPMorgan, based in New York and a total assets of $ 2,534 trillion, is easily the most valuable bank in the world by market capitalization. With such an overwhelming financial kitten and activity under its management, the bank had taken into account the potentials available in the blockchain, specifically how it could help eliminate unnecessary maintenance costs and take advantage of the comparative advantages of smart contracts in their activities daily.
The Quorum blockchain was developed through the partnership of JPMorgan with the Ethereum Enterprise Alliance. Quorum's usability in a private blockchain installation was achieved using the proven Core OS technology.
Tokenization: opening of new portals
The quorum seeks to transform resources with the use of blockchain technology to digitize them efficiently so that they can move to the distributed master books. This was the critical point of discussion at the Sibos conference held in Sydney, Australia, last week, according to the Financial Review.
Development will help to overcome the need for intermediaries such as an exchange or broker. It could give space to direct transactions between the parties and from the process to reduce the costs and risks involved.
At the beginning of this year, the largest US bank was closed with a collective legal action to charge customers excessive fees for the purchase of cryptocurrencies without informing them in advance. The bank is also one of the most important banks, considering the launch of a custody service for institutional investors wishing to invest in cryptocurrencies.
Shutterstock foreground image.
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