JPMorgan Chase and Co. in a statement released Thursday for Wall Street Journal said that it is working Microsoft Corp’s. cloud-based team to support its blockchain platform, meaning to make it simpler, quicker and less expensive for organizations to create and launch blockchain applications.
JPMorgan also launched the JPM Coin in February 2019 and now they are building the blockchain platform.
The JPMorgan blockchain platform named Quorum will be deployed on Microsoft Azure and will enable companies to create apps in a short time, less than a week without requiring too much expertise.
Umar Farooq, head of blockchain initiatives at JPMorgan said:
“It was important to make sure that we could provide the sort of enterprise tools and services that [companies]need,”
He added that the bank doesn’t charge companies to use the Quorum blockchain platform and this could help iron out standards for building blockchain applications and sharing data.