Developing An Enterprise Focused Blockchain, JP Morgan Favors Ethereum

Developing An Enterprise Focused Blockchain, JP Morgan Favors Ethereum

By Elvira Rogers
Posted on Nov. 3, 2018

After JP Morgan Chase CEO, Jamie Dimon cleared yet again his disinterest in Bitcoin, JP Morgan gave a booster to Ethereum ETH. 


The reports published in a leading finance review, the commercial and financial investment company is invested in the development of an enterprise based Ethereum Blockchain, which is so far has occupied the reports by the name of Quorum. The company is focussing on tokenizing the gold bars within their custody soon after the commercial launch of Quorum. Umar Farooq, the head of Blockchain initiatives, JP Morgan commented on the importance of Ethereum for ecosystem development:

“There are people outside our firm using Quorum to tokenize gold, for instance. They wrap a gold bar into a tamper-proof case electronically tagged, and they can track the gold bar from the mine to end point – with the use case being, if you know it’s a socially responsible mine, someone will be willing to pay a higher spread on that gold versus if you don’t know where it comes from. Diamonds is another example … We are the only financial player that owns the entire stack, from the application to the protocol. We are big believers in Ethereum.”


JP Morgan Believes in Ethereum

According to The Australian Financial Review, JP Morgan is seriously committed to the development of Quorum, a product defined by the bank as “an enterprise-focused version of Ethereum.” One of the main immediate uses will be the tokenization of gold bars that the firm will have in custody. JP Morgan’s head of blockchain initiatives, Umar Farooq, commented on the potential of Quorum and the importance of Ethereum for ecosystem development:

“There are people outside our firm using Quorum to tokenize gold, for instance. They wrap a gold bar into a tamper-proof case electronically tagged, and they can track the gold bar from the mine to end point – with the use case being, if you know it’s a socially responsible mine, someone will be willing to pay a higher spread on that gold versus if you don’t know where it comes from. Diamonds is another example … We are the only financial player that owns the entire stack, from the application to the protocol. We are big believers in Ethereum.”


However; Its CEO Does Not Feel The Same Way About Bitcoin BTC

Even though Farooq’s statements are quite supportive of cryptocurrencies and blockchain technologies, Jamie Dimon has been very skeptical about Bitcoin. His posture resembles that of several other governments and politicians which seem to love blockchain but hate on Bitcoin and cryptocurrencies in General

According to an article published by The Next Web, Dimon seems to be very happy in a place far far away from Bitcoin:

“Asked if he has changed his mind about Bitcoin at the Axios Conference in LA, Dimon quashed earlier reports of softening the stance on Bitcoin.
‘I never changed what I said, I just regret having said that,’ he said. ‘I didn’t want to be the spokesperson against Bitcoin. I just don’t give a fuck, that’s the point.’
Dimon also stuck by the ‘blockchain, not Bitcoin’ proposition, that the entire banking industry espouses. ‘Blockchain is real, it’s a technology, but Bitcoin isn’t the same as a fiat currency.’”

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