JPM’s private blockchain Quorum is now operating from three continents. According to Oil Harris, the head of JPM’s blockchain project, the bank has been continuously working on to enhance its blockchain platform. Over the last six months, the technical team of the bank has been working on to improve the Qurom’s privacy layer. The team replaced Qurom’s privacy layer to Tessera, which is built on Java to make it easier for businesses to use and deploy it. The bank is also considering to develop open-source software projects with Azure.
Earlier this year the JPM announced the partnership with Microsoft with the aim to make its enterprise blockchain Quorum more accessible to firms. Harris also mentioned that Quorum would act as a bridge between bank and firms. Currently, there are 220 banks which are part of JPM’s Interbank Information Network.
JPM Coin: tokenized cash on the Quorum
JPM’s stable coin will also play a vital role in Quorum’s development. The bank revealed that JPM Coin would be used to settle cash part of the securities transactions. If the bank’s digital currency ends up being successful, it would be in direct competition with Ripple’s XRP. Many reports have suggested that the bank might use the coin for inter-bank transactions, but it is not clear yet as the bank did not issue any official statement. Currently, the technical team is working on to make Qurum make more efficient, and we might hear from the bank soon about its future plans.