The National Bank of Canada successfully issued a certificate on the financial market of over 150 million US dollars on the Blockchain-application of Quorum. The American investment Bank, JPMorgan Chase developed a Quorum for 2016 and determined a spin-off as an independent company.
The transaction on the Blockchain at the last Wednesday was not a comprehensive Test, unlike the press release, the money houses suggests. The money came via the traditional communication channels of the banks. Parallel simulated the banks of the transaction, with identical Details to the maturity, interest rates, and customers on the Blockchain. In the best case, identical results should be achieved. The National Bank of Canada issued a one-year floating-rate Yankee certificate of Deposit about 150 million US dollars. The unsecured certificate is basically comparable with a traditional savings bond. The main difference is the from the American perspective, foreign Bank (Canada) and the addressing of large investors, with minimum contributions of about US $ 100,000.
In the case of the Blockchain Experiment involved in addition to the two banks for more partners to invest in the certificate. The investors include Goldman Sachs Asset Management as a subsidiary of the Goldman Sachs Group, and the Pfizer pharmaceutical group and the asset management of the American company Legg Mason.
And JPMorgan Chase are investing a lot of banks over the last few months vigorously in Blockchain applications, and have high expectations of the efficiency gains. Of international transactions on the documentary payments until the shares trading to be transferred according to the Wishes of the industry, all of the applications on the Blockchain.
Quorum is one of the pioneers in the financial industry
“One of the tasks of the JPMorgan-Blockchain-programme is to identify how the Blockchain technology can create added value, increased efficiency and a better experience for our customers along the value chain of the financial market”,
Christine Moy, Blockchain Program Lead, JPMorgan explained.
The two banks, JPMorgan Chase and National Bank of Canada is a member of the Enterprise Ethereum Alliance. A consortium of over 500 large corporations, Start-ups and research facilities, Smart Contracts and Blockchain applications for the corporate world want to develop.
The investment house JPMorgan Chase’s thinking, meanwhile, of the Quorum of the project as a separate company to outsource. The application finds great appeal in the industry and has now gone through several practice tests. Blockchain is still in a very early stage, says Umar Farooq, Head of the Blockchain Initiatives for JPMorgans Corporate and Investment Bank, in an Interview.
The company is very optimistic about the potential of the technology. Farooq explains, the Quorum draw a lot of attention. JPMorgan was primarily a Bank and not a software company. The requests from outside the company, exceed meanwhile, the capacity. The Bank plan is not a service benefits commercially for other companies, but the entire division on its own legs. The Bank would not comment on a possible buyer or a Timeline. In the meantime, invested in JPMorgan Chase’s decision Quorum. The number of developers in the short term to rise significantly.