JP Morgan's Quorum To Tokenise Gold Bars

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JP Morgan's Quorum To Tokenise Gold Bars

By Ryan Warner
October 30th, 2018

JP Morgan's blockchain, Quorum, will be used to "tokenize" gold bars. Developed by JP Morgan, Quorum, is the enterprise version of the Ethereum blockchain that will let users operate smart contracts while utilizing pre-programmed automation tools.

With total assets exceeding $2.5 trillion, JP Morgan is the worlds most valuable bank by market capitalization.

JP Morgan partnered with Ethereum Enterprise Alliance to develop the Quorum Blockchain. The use of Quorum in a private blockchain was obtained by using technology from Core OS.

Quorum looks to tokenize assets on blockchain to digitize them and move them on distributed ledgers. This will help to remove intermediaries such as exchanges or brokers. It could also allow direct transactions reducing attendant cost and risk.