JP Morgan Not Done With Blockchain Innovation
With JP Morgan continuing exploring the blockchain technology, the new head Christine Moy has a huge responsibility to handle.
Christine Moy is a senior product manager at JP Morgan Blockchain centre and is about to shoulder the leadership role soon after Amber Baldet notified about her retirement yesterday. According to Reuters, Baldet is going to launch her own start-up however there are no specifics out yet regarding the start-up.
According to reports, JP Morgan is currently considering a string-out the Quorum chain which had been the backbone of the bank’s blockchain activities into a separate entity.
The primary challenge for the bank is to allow Quorum to develop and advance independently in an actual open-source protocol system. There is a chance that private blockchains might have to face certain government problems just like their public counterparts.
Indeed, Quorum might have faced certain problems due to its own success but there are about 20 firms within the Organization Ethereum Alliance group looking to build on top of the platform.
During a recent interview held this week, Moy came out clear that the ongoing speculation about the Quorum does not provide you with a detailed full and extensive information about the bank’ss work in the Blockchain Technology (DLT).
Cross-trained For Blockchain
Christine Moy, the new programming head for the JP Morgan’ss BCOE (Blockchain Centre Of Excellence) started her career from the middle office of the bank’s syndicate loan business. From dealing with all the requirements of the Syndicated loans like faxing the documents around to settle the trades to covering a range of assets and working in various departments of the bank, she has done it all. This cross-training also included witnessing and studying how securities and chains of custody were frozen during the crash of 2008 which engulfed the entire financial structure.
All this experience and knowledge made her understand the value of an unreserved and transparent reconciliation system making her the first employee of Baldet.
Open Source, Open Mind
Quorum, an open source Ethereum based private blockchain developed by Amber Baldet for the use of enterprises. Many Ethereum supports stated that this is just the inception of the new phase of value transacting system and the
The primary objective of this system is to connect the public blockchains with finance.
With the effort of the Ethereum Foundation assisted by the populous developer associations, the Enterprise Ethereum Alliance (EEA) is trying to build a bridge between the blockchain and finance world.
Recently Moy stated that “One of the main important aspects of working on Ethereum variant is being able to stay close and possibly even being able to merge and combine some of that novelty and work into the project that we are executing.”
With Quorum having a stronghold in the capital markets and various enterprises wanting to take it to production the bank had to face new problem regarding the technical support system. With organizations like Broadridge, IHS Markit, ING, BlockApps and Synechron using Quorum require a technical support system which the entities can call for issues related to fixing bugs, network issues etc. As providing a software support is not the bank’s concern, this issue could only be solved when there is a particular firm dedicated to helping the organizations in accommodating and incorporating the technology.
Dollar ($150 million) Yankee certificate of deposit was recently executed by Moy’s team in form of the ERC-20 token on Quorum.
For the blockchain builders and cryptocurrency collectors getting cash into a distributed ledger technology (DLT) is considered as an essential and fundamental part of the puzzle.