The ethereum-based blockchain will afford sustainable miners the opportunity of earning a premium on the global market. In a report on popular news website Financial Review, the development was described as “an indication of new trading opportunities the disruptive technology will create over the coming decade.”
When the blockchain came into the reckoning some years back, its major application was in the financial sector, where digital currencies were created. However, the paradigm shift has prompted diverse application of the distributed ledger technology in other areas like healthcare, aviation and in banking.
US banking giant JPMorgan Chase Bank’s blockchain, Quorum, will be used to “tokenize” gold bars. Quorum is the enterprise version of the Ethereum blockchain, developed by JPMorgan Chase, will ensure users operate smart contracts while using pre-programmed rules to automate them.
The Financial Review quoted Umar Farooq, JPMorgan Chase’s head of blockchain initiatives, who stated:
“We are the only financial player that owns the entire stack, from the application to the protocol.”
Headquartered in New York and total assets valued at $2.534 trillion, JPMorgan is easily the world’s most valuable bank by market capitalization. With such an overwhelming financial kitty and assets under its management, the bank had been considering the potentials available in the blockchain, particularly on how it could help eliminate unnecessary maintenance costs and harness the comparative advantages of smart contracts into their daily business.
The Quorum blockchain was developed through JPMorgan’s partnership with Ethereum Enterprise Alliance. The usability of Quorum in a private blockchain installation was attained using battle-tested technology from Core OS.