Blockchain Platform to Develop Debt Issuance Process Through JPMorgan Trial

4536 Total Views

JPMorgan Partners with Major Financial Establishments for Blockchain-Based Debt Issuance Process

National Bank of Canada and many significant firms have partnered with JPMorgan to trial a Blockchain platform aimed to improve the debt issuance process.

Reuters proclaimed on Friday that the investment bank said in a statement that the case, which took place on Wednesday, reflected a $150 million offering the same day by the National Bank of Canada of a one-year floating-rate Yankee certificate of deposit.

The trial also saw the involvement of Goldman Sachs Asset Management, Pfizer, Legg Mason Inc’s Western Asset and others.

David Furlong, senior vice president of blockchain at National Bank of Canada, said in a statement that blockchain technology “has the likelihood of bringing about a major change in the financial services industry.”

Based on JPMorgan’s Quorum blockchain, the debt-issuance platform took over a year to build, according to the report.

According to the previous reports, the bank is currently thinking on spinning off the Quorum project as an independent company.

A spokesperson said:

“Quorum has become a notably successful enterprise platform even ahead financial services, and we’re excited about its potential.”

Anyhow, Umar Farooq, head of blockchain initiatives for JPMorgan’s corporate and investment said that discussions are in the advanced stages and the bank has had interest from financial institutions in the project.

The open-source Quorum blockchain was begun in 2016 as a permissioned version of Ethereum. In October 2017, it prominently combined the zero-knowledge security layer (ZSL) from privacy-focused public blockchain Zcash.

The technology covers all identifiable information about a transaction but still provides the capacity of auditing those transactions.

Suzat Fernandes

Suzat Fernandes is an entrepreneur, with a variable experience in customer relationship management, inbound marketing, Learning Management Systems (LMS), eLearning content development and overall training strategies. She is an experienced and creative content writer and she takes content marketing initiatives to the next level. She is writing cryptocurrency and blockchain news, weekly blog posts, whitepapers, eBooks, datasheets, presentations, and more. She possesses experience in using compelling copy to educate the market on product offerings and industry information.