JPM Coin Gets Low Profile Privacy Updates To Expand Quorum Blockchain User Base
JPM Coin Gets Low Profile Privacy Updates To Expand Quorum User Base
American banking giant JP Morgan has been working behind the scene to improve the usability of its cryptocurrency, JPM Coin. This, the bank is doing through a secret background reboot of the coin’s underlying blockchain to improve its privacy features and make it more suitable for a wider variety of corporate users.
As part of the update, a team of technologists in London, Singapore, and the U.S. have been working in the last six months to reboot Quorum, the name given the blockchain behind JPM Coin. This involved replacement of the blockchain’s privacy layer known as a constellation, according to JP Morgan’s head of Quorum and crypto-assets strategy, Oli Harris.
Quorum has been in existence since its launch in 2017 to connect JP Morgan with the Ethereum blockchain upon which it is built. It currently supports a number of cool projects such as energy commodity trading platform Vakt; and trade finance blockchain Komgo.
JPM Coin was created on Quorum in February 2019 for remittance settlement among JP Morgan’s several clients. It was essentially meant to speed up international transactions by major corporations rather than depend on traditional, less efficient payment companies such as SWIFT.
Although JPM Coin has faced a lot of criticisms from major players in the cryptocurrency and blockchain industry such as Ripple CEO who said it lacked interoperability, JP Morgan is now working to expand its user base and make the coin more usable by improving privacy.
Apparently, the bank sees JPM Coin becoming a major force in the cryptocurrency and blockchain industry, especially for international payments. Microsoft has been working alongside the bank for the update and with Ethereum, more is to come.
“This is all about network effects. We see Quorum as this evolving technology suite and are extremely lucky to have one leg in public Ethereum and also one leg in large enterprises, now powered by JPMorgan and Microsoft in a coherent way.”
If JP Morgan’s vision comes true and JPM Coin gets a wider user base and applications, it might turn out to be a formidable force against Ripple in the international settlements industry as the customer base also expands.
So far, JP Morgan has 220 banks in its Interbank Information Network, another network that is powered by Quorum. With many more use cases being explored, Quorum may just become the “multi-cloud” Harris hopes it becomes in order to revolutionize blockchain technology application to better lives.