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Microsoft has partnered with JP Morgan Chase to strengthen the financial giant's Quorum Block Chain technology. Quorum, available through Microsoft's Microsoft Azure IT department, is the corporate version of Ethereum by JP Morgan. It is designed to handle interbank payments.
This partnership makes JP Morgan the first distributed ledger platform available through Azure Blockchain Service.
Microsoft and JP Morgan customers will have the ability to deploy and manage cloud-based blockchain networks.
"Together, the platform will enable companies in all sectors to move from infrastructure management to application development, generating transformative business value.
Customers will be able to rapidly grow their networks while benefiting from lower costs, simplified deployment and integrated governance made possible through the Azure Blockchain service. "
In October, the company revealed The quorum will essentially be used for the creation of gold bullion on the Ethereum network. According to Umar Farooq, head of blockchain initiatives in New York, JP Morgan,
"There are people outside our company who use Quorum to create gold, for example.
They wrap a gold bar in an electronically tagged tamper-evident box, and can follow the gold bullion from the mine to the end point – the use case being, if you know it's a socially responsible mine, someone will be willing to pay higher spread on that gold compared to if you do not know where he is coming from. Diamonds are another example. "
In February, JP Morgan announced the creation of its own stable fund, JPM Coin, indexed at 1: 1 on the US dollar. The token would be used to feed real-time transactions between customers of its wholesale payments business.
The latest Microsoft partnership with JP Morgan Chase expands the working relationship between the technology giant and the largest bank in the United States, while JP Morgan is facing the emergence of cryptocurrencies, banking networks based on block chains such as Ripple and extensive social networks such as Facebook. are preparing to offer financial services by deploying blockchain technology and digital assets.
In addition to providing Quorum customers with a platform to create blockchain networks and applications, Quorum will continue to power blockchain programs for JP Morgan and Microsoft. These include proprietary applications such as the Interbank Information Network, JPM Coin, and the Microsoft Xbox Royalty Payment Process.
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