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 and publisher of industry publication Blockchain News (EST 2015), partner at ICO services collective CryptoAsset Design Group ($500m+ and 50+ ICOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur.

He sits on the advisory boards of some two dozen Blockchain startups
and has written over 1500 articles on Blockchain technology and
startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat

Ad honorem - Honorary Ph.d - Chair Professor of Blockchain at
China's first Blockchain University in Nanchang at the Jiangxi Ahead
Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business
Automation 4.0 programme. Chevalier (Knight) - Ordre des Arts et des
Technologies at Crypto Chain University and on advisory board of Advisory Board Member of International Decentralized Association Of Cryptocurrency And Blockchain (IDABC) as well as Advisory Board Member at U.S. Blockchain Association.

Over a half a decade experience judging and rewarding some 1000+
innovation projects as an EU expert for the European Commission's SME
Instrument programme as a startup assessor and as a startup judge for
the UK government's Innovate UK division. Kastelein has spoken
(keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, San Mateo, San Francisco, Santa Clara, Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich

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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