JPMorgan tests blockchain technology for debt issuance process

JPMorgan Chase has partnered with the National Bank of Canada to test a blockchain platform to improve the debt issuance process.

JPMorgan Chase has partnered with National Bank of Canada and other large companies to test a blockchain platform to improve the debt issuance process.

According to a report from Reuters, the investment bank said in a statement last Friday that the testing took place last Wednesday, doubling the $ 150 million raised by the National Bank of Canada on the same day. Yankee one-year deposit with floating rates.

The trial also involved Goldman Sachs Asset Management, Pfizer, Legg Mason Inc.'s Western Asset, and other companies.

David Furlong, senior vice president of blockchain at National Bank of Canada, said in a statement that blockchain technology "has the potential to bring a major change in the financial services industry."

Based on JP Morgan's Quorum platform, the debt issuance platform was built after more than a year.

According to CoinDesk news in March, the bank is now "contemplating" the Quorum project into an independent company.

A bank spokesman declined to comment on what they called "speculation" at the time, but said "Quorum has become an extremely successful business platform even beyond financial services. We are very happy about its potential. "

However, Umar Farooq, head of blockchain initiatives for business and investment at JPMorgan, has confirmed the move with Reuters in a report today saying the talks are at an early stage. And the bank has paid attention to the financial institutions in the project.

Blockchain Quorum open source was launched in 2016 as a licensed version of ethereum. In October 2017, it was noted that the integration of the zero-knowledge security layer (ZSL) from publicly-focused zcash blockchain blocks. The technology hides all transactionally identifiable information but still provides the ability to audit such transactions.