In 2018 Quorum, launched two years ago, the blockchain-the project of the largest Bank holding company JPMorgan Chase, can be a individual company, the financial institution will retain a small share in it with him.
The project experts are developing a blockchain-based platform Ethereum, is able to increase the efficiency of certain banking transactions, for example, clearing, settlements on derivatives and cross-border payments.
At the moment the Central banks of Brazil, Fratsii, Singapore and South Africa are testing the platform with their payment systems. Banks ING, ABN Amro, Société Générale and the company Louis Dreyfus Company with its help check the possibility of digitizing the documentation required for trade in agricultural products. And JPMorgan, Royal Bank of Canada and Australian Bank ANZ test Quorum to accelerate cross-border payments.
Blockchain Evangelist Kathleen long (Caitlin Long) believes that the Quorum should be “standard wall street”. As a separate company not associated with JPMorgan, he can get to a new level and get wider distribution:
Blockchain projects work only in the case of network effects, they do not make sense when used within the same Bank.
Recall that three weeks ago in the annual report to the Commission on securities and exchange Commission (SEC) JPMorgan Chase related cryptocurrency and blockchain technology to the threats to their business, joining a similar review of earlier Bank of America (BoA) and Goldman Sachs. In early January, the head of JPMorgan Chase Jamie Dimon (Jamie Dimon) expressed regret about what he called bitcoin a “hoax”.
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