Microsoft and J.P. Morgan partner to Promote Quorum Blockchain

J.P. Morgan and Microsoft signed a memorandum of understanding (MoU) to promote enterprise adoption of Quorum blockchain.

Part of popularly referred to as Big Four accounting firms, J.P. Morgan is a global leader across banking, markets and investor services.

In February 2019, J.P. Morgan launched its own Stablecoin (cryptocurrency) called JPM Coin.
Quorum blockchain, developed by J.P. Morgan, was used to issue JPM Coin. Developed for financial industry usages, Quorum blockchain is enterprise-ready distributed ledger and smart contract platform like Ethereum. The platform is designed to be used where high speed and high throughput processing of private transactions within a permissioned group of known participants is needed.

Microsoft runs the Azure cloud platform and runs its own Azure Blockchain Service.

Executive Opinion

Executive vice president of Business Development, Microsoft, Peggy Johnson, said, "As digital transformation extends beyond the walls of an individual organization, companies need solutions that enable them to securely share their business processes and data in order to drive imaginative new business models and reinvent industries. We’re thrilled to partner with a leader like J.P. Morgan to establish a foundation on which enterprises and partners can rapidly build and scale blockchain networks. Together, we’re taking a truly transformative technology like Quorum and making it available through the Azure platform to accelerate innovation for our customers."

Global head of Blockchain, J.P. Morgan, Umar Farooq, said, "We are incredibly proud of the success Quorum has had over the last four years, as organizations around the world use Quorum to solve complex business and societal problems via blockchain solutions. We are delighted to partner alongside Microsoft as we continue to strengthen Quorum and expand capabilities and services on the platform. Azure will bring unique strengths to enterprise clients using Quorum."

Strategic Partnership for Quorum

The latest partnership paves the way for J.P. Morgan and Microsoft customers to build as well as scale blockchain network in the Azure cloud environment. Microsoft will extend their engineering, consulting and go-to-market support for Quorum blockchain. It also marks as a first distributed ledger platform available through Azure Blockchain Service, notes the announcement.

The customers can now focus on application development rather than scaling and managing blockchain network which is a quite bit of complex task. Azure Blockchain Service simplifies deployment and governance of Quorum blockchain network.

The announcement added that J.P. Morgan and Microsoft will address common enterprise, independent software vendor, and developer requirements in building and deploying applications on Quorum blockchain in Azure cloud environment.