According to foreign media recently, Oli Harris, head of RM Quorum and crypto-asset strategy, said Quorum, a private blockchain project, has been relaunched in London, Singapore and the US in the past six months.
The team has moved the private layer of the blockchain to Tessera, a protocol built in Java that is said to be more user-friendly. Slowly, the project began to have its own vitality, not just a vague supplement to banking services.
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JP Morgan's blockchain vision is gradually being realized
Oli Harris, director of JPMorgan Quorum and crypto-asset strategy, said some major initiatives were behind the scenes. "I think this provides a pedal for breaking into a new company."
So what happened to the Quorum project behind the scenes? Obviously, quite a lot:
· Quorum currently operates on three continents. In the past six months, multiple branches have been updating Quorum's privacy layer.
· JPMorgan Chase and Microsoft Azure to promote Quorum, making it easier for companies to access it.
· The "open source" software project in the blockchain space is under consideration, which will be driven by the JP Morgan Chase & Microsoft Azure partnership.
· JPM Coin is still active. Its purpose seems to be the same as “token cash” on the Quorum blockchain, supported by gold.
In the end, Quorum's goal is to act as a bridge between the company and the bank. JPMorgan Chase has included 220 banks in its interbank information network. Quorum will help this future network eliminate the pain points between foreign correspondent banks.
JPM Coin is still under development
Another exciting development about Quorum is how the ideas behind JPM Coin mature. The bank's cryptocurrency was originally a stable currency with gold as its support and a vague target, and is now an integral part of Quorum.
JPM Coin will be used to settle the cash portion of the securities transaction. It will also serve as an intermediary between banks as part of the JP Morgan Chase Interbank Information Network. The use of JPM Coin, such as "tokenized cash," is a new direction for cryptocurrency, which is what cryptocurrency development lacks.
Oli Harris gave a positive comment on cryptocurrency in a recent interview. Considering the cryptocurrency "the ability to legalize legal currency," he said, "You can see that we use JPM Coin in some use cases. However, Harris did not want to disclose these details at the time.
If JPM Coin is finally successful, it will compete directly with Ripple's XRP. Due to its strong institutional banking system, Ripple may have difficulty competing with it.
JPMorgan Chase has been quietly building a strong team focused on the blockchain this year. Earlier this year, there were reports that the company had been recruiting talent in the financial sector in the blockchain. Perhaps we can expect more details about Quorum to be announced at the end of this year.