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.”

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“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), a partner at ICO services collective Token.Agency
($750m+ and 90+ ICOs and STOs), director of education company
Blockchain Partners
(Oracle Partner) and ICO event organiser
at leading industry event CryptoFinancing (Europe's first ICO event now
branded Tokenomicon)
– 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.  Irish Tech News put him in the top
10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is 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 an 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 (2x), 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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