JPMorgan conducted a test for placement of debt on the blockchain

JPMorgan conducted a test for placement of debt on the blockchain

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JPMorgan Chase Holding has teamed up with the commercial bank National Bank of Canada and other large companies to test the blockchain-platform, designed to improve the process of issuing debt bonds.

According to Reuters, on Friday the representative of the investment bank said that during the test conducted on Wednesday, the platform repeated the registration of a $150 million deposit certificate, which was issued by National Bank of Canada on the same day.

The test was also attended by Goldman Sachs Asset Management, Pfizer, Legg Mason Inc’s Western Asset and other companies.

David Furlong, senior vice president of the National Bank of Canada for blockchain, said that blockchain technology “can bring about major changes in the financial services industry.”

According to Reuters, it took more than a year to create this platform, based on the blockchain Quorum (this is the development of JPMorgan itself).

In March, information appeared that JPMorgan plans to make Quorum an independent company.

Then the bank spokesman declined to comment on what they called “speculation,” but said that “Quorum has become an incredibly successful corporate platform, even beyond financial services, and the company is delighted with its potential.”

Senior in the corporate and investment wing of JPMorgan for blockchain initiatives Umar Faruk today in communication with Reuters confirmed this information, saying that the discussion on the project is still in the early stages, and the project itself has already attracted the attention of other financial institutions.

Quorum’s open source blockchain was launched in 2016 as a corporate version of Ethereum. In October 2017, Quorum introduced ZSL technology (a zero-disclosure security level) – it was borrowed from Zcash’s public blockbuster, focused on privacy.

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