JPMorgan CoinGets Blockchain
A report today claims that JPMorgan Chase has rebooted the underling blockchain of it its prototype cryptocurrency, JPM Coin, following six month long efforts from technologists in London, Singapore, and the US.
JP Morgan’s private version of the Ethereum blockchain, Quorum, has had an overhaul of its privacy features in an effort to make the technology suitable for use by a wider selection of firms. This ambition has also been pursued through JP Morgan’s partnership with Microsoft Azure, which Quorum head Oli Harris has said is also a stepping stone for offering a corporate spin-off of the software project.
The behind the scenes updates to Quorom have focused specifically on re-writing its privacy layer, Constellation, replacing its current language Haskell with Tessera. Tessera operates a similar design but is built in Java, making it more accessible for businesses to deploy.
Harris told CoinDesk the engineering collaboration between JPMorgan and Microsoft should enable the bank to focus on the potential business applications of the technology, while Microsoft can ”[deal] with a lot of heavy lifting.”
JPM coin was launched in February this year, with JPMorgan being the first major US bank to create its own digital currency.
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