As per a report released by a respected Australian media outlet recently, the folks over at JP Morgan have finally given their ‘seal of approval’ to Ethereum, after the ETH Foundation reaffirmed its unwavering commitment to develop the Quorum ecosystem— an enterprise version of Ethereum that has been designed to run any application that requires high computational speeds as well as large throughput processing power.
As things stand, Quorum has continued to find more backers, with one of the platforms’ primary supporters coming in the unlikely form of JP Morgan. If reports are to be believed, it is being said that, Umar Farooq, Head of JPs Blockchain Initiatives, has been praising Quorums’ use of tokenizing gold bars in custody of various financial institutions.
However, Farooqs’ views seem to be contrary to those of CEO Jamie Dimons’, who has time and again disparaged Bitcoin and other alt assets as being fads. However, recently he seems to have lightened his stance a little (when he mentioned):
“I didn’t want to be the spokesperson against Bitcoin. I just don’t give a ….., that’s the point…Blockchain is real, it’s a technology, but Bitcoin isn’t the same as a fiat currency.”
With that being said, Farooq seems to be onboard with crypto technology completely:
“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 endpoint – 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.”
While Dimon still firmly believes that the financial sector should focus more on blockchain tech than on employing the use of various crypto assets, the New York based banking powerhouse has been dabbling with the idea of using blockchain tech in a big way (so as to speed up their cross-border transaction speeds). This was made evident when JP Morgan signed up for the Interbank Information Network (IIN), an entity that was launched in 2017.
The IIN comprises of some of the largest banking agencies in the world and was set up with the sole reason to facilitate faster, more efficient bank transfers for the common man.