Note from the CEO: Jamie Dimon “re-invents” blockchain. Sort of. The project, code name Quorum, is based on publicly accessible Ethereum network codes. Who says banks are not “cutting edge”.
J.P. Morgan Chase & Co. is working on a new twist on the technology behind bitcoin that would allow the bank to use a publicly available system for confidential transactions.
The move is a break with how some banks have approached the use of a bitcoin-style network, known generally as the blockchain, to try to replace creaking old systems with faster new technology. Instead of creating a completely new private blockchain, J.P. Morgan engineers say they have found a way to limit access to transactions shared via a network to people who need to know the details, like parties to the trade or a regulator.
The project—called Quorum—is being built off the publicly accessible Ethereum network code. J.P. Morgan, run by Chief Executive James Dimon, plans to share its new code for its system with outside developers, something the bank has recently started doing as a way to entice top engineers to work with the bank and take advantage of the latest developments in blockchain.”