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