JP Morgan to Build Blockchain on Ethereum – Called Quorum

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Global Bank J.P. Morgan Chase & Co. announced its efforts last week to create its own private transacting platform based on Ethereum. The bank unveiled Quorum—a system that allows for private, secure, peer-to-peer transactions. With Quorum, J.P. Morgan hopes to be the one of the first in realizing the benefits that the new networking tech offers.

In an interview with The Wall Street Journal, J.P. Morgan Quorum Project Lead Amber Baldet said, “we have people building the most stress-tested financial systems in the world.”

“The move is a break with how some banks have approached the use of a bitcoin-style network, known generally as the Blockchain, to try to replace creaking old systems with faster new technology. Instead of creating a completely new private Blockchain, J.P. Morgan engineers say they have found a way to limit access to transactions shared via a network to people who need to know the details, like parties to the trade or a regulator.”

According to Antony Peyton at BankingTech.com, this won’t be an open-for-all network, as the nodes that run Quorum must get permission from a higher authority to join.

In a presentation at the technical steering committee meeting of the Hyperledger Project, David Voell, engineering lead, CIB Emerging Technologies, JP Morgan Chase, says the technology swaps out private transaction data for cryptographic hashes, condensed and scrambled versions of that data, which conceals their true contents. In additions, both the public and private data reside on the blockchain, but they are parsed separately.

“The key to this whole thing, again, is a single blockchain of everyone continuously checking the integrity,” Voell told BANKINGTECH.COM. But he adds there is still a “clear separation between private and public”.

The firm plans to open source the documentation and code base behind Quorum by the end of this year.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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