US banking giant JPMorgan Chase which values around $2.534 trillion is developing blockchain, Quorum, which will be used to “tokenize” gold bars. US banking giant JPMorgan Chase which values around $2.534 trillion is developing blockchain, Quorum, which will be used to “tokenize” gold bars. Quorum is that version of Ethereum blockchain which will be used at an enterprise level developed by JPMorgan Chase.
This will allow sustainable miners to earn a premium on global markets, an indication of new trading opportunities the disruptive technology will create over the coming decade.
Banks are trying to use cryptocurrencies to manage global liquidity, improve information inefficiencies and create “crypto” assets other than currencies.
The Quorum blockchain was developed via JPMorgan’s partnership with Ethereum Enterprise Alliance. Battle-tested technology from Core OS is used to create Quorum in a blockchain installation.
Ethereum is a more decentralised blockchain than other cryptocurrencies, although Quorum will be used for financial services customers to provide high-grade privacy and performance.
The development could allow trading to be conducted directly between parties without needing a broker or exchange, this will reduce costs and risks. Ethereum is becoming popular as more than nine in 10 of the world’s initial coin offerings [ICO] are conducted on Ethereum.
Tokenising real estate or art has many profits as it allows the owner to be fractionalised, so high-cost items could be held by a wider range of investors. Tokenisation can improve global liquidity management by allowing the netting out between corporate subsidiaries without having to transact real national currencies.
JP Morgan has created the Interbank Information Network, which includes more than 100 banks, which is using its blockchain to enhance payments information. Quorum is increasing its grip over the market, it was used recently by the National Bank of Canada to issue a certificate of deposit to US investors. The Monetary Authority of Singapore is trying to figure out how to power a settlement and clearing system by testing Quorum.
The cryptocurrency market has finally shown a green signal for buy as the prices have hit the lowest in the market. The investors have seen a keen eye and interest in the crypto-shares.