Banks to move towards Blockchain since JP Morgan launches own Cryptocurrency tech

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Because of JP Morgan’s own Cryptocurrency tech, Banks are adopting Blockchain

JP Morgans blockchain which is lead by Amber Baldet told that the bank is planning to use its own blockchain network, Quorum to bring collaboration across different blockchain networks.

A blockchain is a decentralized and also known as the public ledger of all cryptocurrency transactions that are continuously growing as ‘completed’ blocks are recorded and added to it in chronological order.

JP Morgan’s own blockchain network will be based on the blockchain which is used by Ethereum.

While at an Ethereum based conference called EthCC based in Paris on March 9, Ms. Baldet described her aims for the bank’s blockchain technology.

JP Morgan’s Quorum will be the first project developed by its Blockchain Centre of Excellence (BCoE).

Ms. Baldet described how she talks to other blockchain enthusiasts in the crypto community to try and establish common ground.

She said:

“I spend a lot of time talking about Ethereum and cryptocurrency and open blockchains to enterprises, businesses, central banks, and corporates.”

Ms. Baldet Included:

“People designing differently based blockchains seem to encounter similar problems. These problems aren’t so far apart; it’s just that people are trying to solve the problems in different ways.”

She also explained how people often require similar things in the blockchain community, anyhow, she tells an occurrence called “crypto-balkanization.”

Moreover, Baldet said how Quorum and Ethereum are incredibly similar as 95 percent of the software in both blockchains are identical.

She said:

“It’s actually not changed that much, and that’s intentional, there’s very minimal modification.”

The Quorum blockchain has also completed another layer of security by utilizing the privacy-centric cryptocurrency Zcash.

Garry Singh

Garry is an experienced entrepreneur, and co-founder of a UK based technology company Quickdesk Solution Ltd., with a demonstrated history of working in the information technology and customer services industry. Skilled in technical writing, he is a strong business development professional with a Bachelor's Degree focused in Information Technology and Masters in Business Administration.