JPMorgan Chase’s Quorum Blockchain Will Be Preferred Network for Microsoft’s Azure Service
Azure has been a project of Microsoft for quite some time, offering “blockchain as a service” (BaaS), allowing the user to create applications with the technology on a network that has already been configured for these activities. On May 2nd, the company announced that the Azure Blockchain Service is in development via press release. Now, CoinDesk is reporting that Microsoft plans to promote the Quorum blockchain, a project of JPMorgan Chase, for their business customers.
Quorum is the private enterprise version of Ethereum for JPM, and it has been developed through the Azure cloud platform, according to the firms. Going forward, Microsoft aims to help with the adoption of the network, as stated in a memorandum of understanding between the two parties. This decision makes Quorum the first platform with distributed ledger technology to be available through the Azure Blockchain Service.
By supporting Quorum, Microsoft and JPMorgan customers will have the ability to create and scale blockchain networks within Azure, says the press release. A spokesperson with JPM sent an email that stated,
“Microsoft will drive preference to the Quorum stack for Blockchain applications built on Azure.”
JPM plans to create first-party applications with Azure’s blockchain services.
Umar Farooq, the global head of blockchain with JPMorgan Chase, commented that Quorum’s four years of operation have been successful, as organizations around the world have already used their tech. With Azure, Farooq believes that the company will gain “unique strengths” that will benefit Quorum’s enterprise clients.
What makes Quorum special is the dual usage, supporting both the blockchain program with JPMorgan and the blockchain program with Microsoft. Quorum also supports the Interbank Information Network, the JPM Coin, and Xbox’s royalty payment points for their gaming platform.
As the partnership continues, the two firms aim to create solutions that involve enterprise, developer, and vendor needs by using Azure to create blockchain applications. Microsoft plans to offer engineering support, amongst other types, for network users. In doing so, Quorum becomes easy for customers to access, according to Microsoft’s Peggy Johnson.
The executive vice president of business development added,
“As digital transformation extends beyond the walls of an individual organization, companies need solutions that enable them to securely share their business processes and data.”
With these changes, there are questions of whether JPMorgan Chase will ultimately choose to set Quorum apart as its own entity, which has been the plan for a while. In March last year, the rumors started spreading this idea, considering how successful the platform was. There is been no confirmation to confirm or change the rumor, but JPMorgan Chase stated that the financial institution is
“still exploring options.”