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Microsoft will promote JPMorgan Chase's Quorum channel chain to commercial customers of the global technology giant, companies said Thursday.
The Redmond, Washington-based software company will support Quorum, the private enterprise version of JPM for Ethereum, through Microsoft's Azure cloud platform, the two companies announced. They will seek to support the adoption of the network through their new partnership, after signing a memorandum of understanding.
As a result, Quorum "will become the first distributed ledger platform available via [the] Azure Blockchain Service, which allows J.P. Morgan and Microsoft customers to create and resize blockchain networks in the cloud, "the company said in a press release.
A spokesman for JPM, based in New York, said by e-mail that "Microsoft will favor the preference for the Quorum stack for Blockchain applications built on Azure." JPM will also create its own proprietary applications for the service.
Umar Farooq, head of global channel chain at JPM, said in a statement that Quorum has been successful in its four years of operation, organizations around the world using this technology.
Now, "Azure will bring unique strengths to corporate customers using Quorum," he said.
JPMCoin and the Xbox
Quorum will be used to support blockchain programs from JPM and Microsoft, as well as the bank's interbank information network, its internal JPMCoin cryptocurrency, and its royalty payment points for the Xbox gaming platform.
Through the partnership, the two companies will attempt to address the needs of enterprises, developers, and vendors in developing chain applications using Azure cloud servers.
Microsoft will also provide support to network users, including technical badistance.
With this initiative, Quorum will be more easily accessible to customers via the Azure platform, said Peggy Johnson, vice president of business development at Microsoft, in a statement. She added:
"As digital transformation goes beyond the walls of an individual organization, organizations need solutions that allow them to securely share business processes and data."
Thursday's decision raised the question of whether the bank would continue to incorporate Quorum into its own self-financing entity. Rumors began to exist in March 2018 that JPM would let Quorum become an independent platform, largely due to its own success.
JPMorgan is "still exploring the options" for a possible fallout, said Thursday sources close to the thought of the bank.
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