JP Morgan’s Quorum Blockchain Will Tokenise Gold Bars
JPMorgan Chase Bank’s blockchain, Quorum, will be used to “tokenise” gold bars. Quorum blockchain is the enterprise version of the Ethereum blockchain, developed by JPMorgan Chase. It will ensure users operate smart contracts while using pre-programmed rules to automate them.
The blockchain will afford sustainable miners the opportunity of earning a premium on the global market. According to Financial Review, the development was described as “an indication of new trading opportunities the disruptive technology will create over the coming decade.”
The blockchain’s major application was in the financial sector, where digital currencies were created.
The Financial Review quoted Umar Farooq, JPMorgan Chase’s head of blockchain initiatives, who said:
“We are the only financial player that owns the entire stack, from the application to the protocol.”
With it’s Headquarters in New York and total assets valued at $2.534 trillion, JPMorgan is the world’s most valuable bank by market capitalization. The bank had been considering the potentials available in the blockchain, particularly on how it could help eliminate unnecessary maintenance costs and harness the comparative advantages of smart contracts into their daily business.
The Quorum blockchain came into existence through JPMorgan’s partnership with Ethereum Enterprise Alliance.