According To Oli Harris, JPMorgan’s head of blockchain and cryptocurrency strategy, the project has significantly strengthened its position over the past six months.
It is reported that the Quorum privacy Protocol has been replaced with the Tessera Protocol, developed in the Java programming language, which should make the project easier for third-party companies to master.
Harris said that Quorum now operates on three continents. Thanks to the partnership with the Microsoft Azure cloud platform, blockchain has become more popular and accessible to third-party companies. Open source projects may also be launched on the platform.
The Quorum blockchain is designed to act as a bridge between businesses and banks. JPMorgan has already connected more than 220 banks to its Interbank interaction system, and Quorum will save banks from various problems in interaction.
Harris also noted that the Bank is still developing the JPM Coin stablecoin. Cryptocurrency will become an integral part of Quorum and will act as an intermediary for interbank transfers. Harris said that if the cryptocurrency becomes successful, it will be able to compete with the ripple XRP token.
Recall that the Quorum project was introduced back in 2016. In April this year, it was reported that more than 200 banks joined the network testing, and in June, JPMorgan’s corporate clients began testing JPM Coin.