JPMorgan Chase, the largest bank in the United States, has partnered with the tech giant Microsoft Corp, the largest software provider in the world, to bring enterprise blockchain to the masses, two companies said in a statement.
A memorandum of understanding was signed on Thursday to form a strategic partnership with an aim to accelerate the adoption of enterprise blockchain. The partnership will enable JP Morgan and Microsoft customers to use Quorum blockchain, developed by the bank, through Microsoft’s Azure Blockchain Service and develop blockchain networks in the cloud. As a result, Quorum becomes the first blockchain platform available through Microsoft’s Azure.
“We are delighted to partner alongside Microsoft as we continue to strengthen Quorum and expand capabilities and services on the platform. Azure will bring unique strengths to enterprise clients using Quorum,” said Umar Farooq, Global Head of Blockchain, J.P. Morgan.
Recently, Newconomy wrote about Forbes’s “Blockchain 50 List”, which names 50 biggest companies embracing the blockchain technology. JPMorgan’s Quorum is mentioned in the list as one of the most common distributed ledger technology (DLT) platforms used by the listed companies. The Quorum ecosystem will also benefit from Microsoft’s engineering, consulting and go-to-market support, all part of the agreement.
“As digital transformation extends beyond the walls of an individual organization, companies need solutions that enable them to securely share their business processes and data in order to drive imaginative new business models and reinvent industries,” said Peggy Johnson, EVP of Business Development at Microsoft.
“We’re thrilled to partner with a leader like J.P. Morgan to establish a foundation on which enterprises and partners can rapidly build and scale blockchain networks. Together, we’re taking a truly transformative technology like Quorum and making it available through the Azure platform to accelerate innovation for our customers”.
Quorum will also be used as an engine to power other projects and program developed by these two companies, such as the Interbank Information Network, Microsoft’s Xbox royalty payment process, and the much-talked-about JPM Coin.
In February, Newconomy reported about JPMorgan’s plans to issue its own cryptocurrency – JPM Coin, and use it to process cross-border payments for large corporate clients.