Global investment bank JPMorgan Chase is building a blockchain platform Quorum based on Ethereum. In an article published in the Financial Review on October 29, 2018, JPMorgan said that the Quorum platform will open up new trading opportunities over the next 10 years, as the platform will help to trade assets including gold bars, Tokenize various assets including precious metals, real estate and expensive art.
JP Morgans Quorum (the enterprise version of Ethereum) can create smart contracts and decentralized applications. Umar Farooq, head of blockchain at JPMorgan in New York, said JPMorgan is the only financial institution with a complete (from application to protocol) blockchain platform. JPMorgan Chase has invested more in blockchain technology,Because they believe that the tokenization of commodities and assets may bring many opportunities.
Farooq said that some people use Quorum to track the source of gold and the circulation after production, so as to ensure the transparency of the entire gold supply chain process. In addition to gold, companies can also tokenize diamonds and other precious metal minerals on Quorum.
In addition to precious metals and minerals, Farooq said that some assets and commodities can also be tokenized, which will innovate the existing sales and trade process. Tokenized real estate or artwork can introduce the concept of split ownership. In this way, many investors can jointly divide the ownership of these assets, rather than exclusive to one person.
In the area of blockchain, JPMorgan also previously created the Interbank Information Network (Interbank Information Network), a network of more than 100 different banks that could improve its payments through blockchain technology, the Financial Review reported. information.
In addition, JPMorgan is a member of the Enterprise Ethereum Alliance (Enterprise Ethereum Alliance, a member of the EEA), which is responsible for supporting development standards based on Ethereum, among others.
This article is compiled from: https://btcmanager.com/jp-morgan-banks-on-quorum-blockchain-to-offer-lucrative-trading-products/
