The overlord of the bank blockchain! JPMorgan blockchain network IIN will absorb 400 banks worldwide by the end of the year

Deutsche Bank, Germany's largest bank, joined JPMorgan's blockchain network, the Inter-Bank Information Network (IIN).


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IIN has been in operation for two years

According to the British "Financial Times" reported on September 15, the blockchain program inter-bank information network (IIN) led by JPMorgan Chase was launched in 2017. At present, 320 banks have entered the platform, using the enterprise version of the Ethereum network. Exchange global bank payment data.

Takis Georgakopoulos, head of payments at JPMorgan, said he hopes Deutsche Bank will be the first of several other big banks to join IIN. According to the report, Deutsche Bank is the world's largest euro-denominated payment clearing institution.

Ole Matthiessen, global head of Deutsche Bank's cash management, said IIN will enable the bank to provide better customer service. Matthiessen held the position in March 2019, and he explained that the bank hopes that IIN can reduce the cost of processing payments.

There will be 400 members by the end of the year.

Based on the Quorum platform developed by JPMorgan Chase, the IIN network is designed to address the main challenges of sharing information between banks and accelerating transactions with payees. Quorum is based on Ethereum, the world's second-largest blockchain network, and its co-founder Vitalik Buterin recently reported that the Ethereum network is almost full because it is the most popular blockchain public network for decentralized applications (Dapp).

Georgakopoulos said that JPMorgan Chase's goal is to reach an agreement with 400 banks around the world on IIN by the end of 2019 and expects to announce other large banks in the near future.

According to reports in June, JPMorgan Chase is expected to launch its own cryptocurrency JPM Coin by the end of 2019. Recently, JP Morgan Chase CEO Jamie Dimon supported the controversial Facebook cryptocurrency project Libra, claiming that stable currency would not pose a threat to banks in the short term. At the same time, on Monday, some of the world's largest banks will meet with Libra's founders in Switzerland, including 26 central banks and Deutsche Bank, who will discuss the financial stability risks posed by Libra.

About Quorum

Quorum, an enterprise-level distributed ledger and smart contract platform, can be seen as an enterprise version of Ethereum. Quorum provides a proprietary smart contract execution solution with a blockchain architecture that meets enterprise-level performance requirements.

Quorum, for any application that requires a high-speed and high-throughput processing alliance license for private transactions. Quorum addresses the unique challenges of blockchain technology in financial and other industries.

Quorum, based on the Ethereum Distributed Account Book Agreement, provides the Ethereum License Chain Program for the financial services industry to support the privacy of transactions and contracts.

Developed on the Ethereum-based official Go solution, Quorum supports the private chain and the Alliance License Chain, which uses a voting-based consensus algorithm to introduce data privacy by introducing a new private transaction identifier. One of Quorum's design goals is to reuse as much of the existing technology as possible, minimizing the need to retrofit existing Ethernet to reduce the amount of work required to maintain code consistency with future versions of Ethereum.

  1. Quorum is an enterprise-class blockchain platform launched by JPMorgan Chase.
  2. Quorum is a chain of alliances.
  3. Based on Ethereum, Quorum offers additional services.

The main difference between Quorum and Ethereum:

  1. Provides privatization of Transaction and Contract.
  2. A variety of consensus methods.
  3. Network and node rights management.
  4. Higher performance.

The main components of Quorum:

  1. Quorum Node
  2. Constellation – Transaction Manager (for private transaction management)
  3. Constellation – Enclave (information for encrypting and decrypting private transactions)

Quorum timeline

In October 2016, JP Morgan Chase announced that it is creating a private blockchain based on Ethereum, Quorum.

In March 2017, Quorum joined the Microsoft Azure platform.

In May 2017, JPMorgan Chase and Zcash team reached a cooperation, zero knowledge proves that the security layer will be on the Quorum project.

In February 2019, JP Morgan Chase announced plans to release JPM Coin based on Quorum.

About the Interbank Information Network (IIN)

IIN began trial operation in October 2017 as a solution to cross-border payment delays and repelling threats from new non-bank competitors (such as TransferWise), a private blockchain based in JPMorgan Chase. A mutually accessible book.