Quorum, an enterprise version of the Ethereum blockchain developed by JP Morgan, is being used to tokenise gold bars, The Australian Financial Review reported October 29.
Quorum is an enterprise-ready distributed ledger and smart contract platform, best-suited for applications requiring high speed and high throughput processing of private transactions within a permissioned group of known participants.
Umar Farooq, JP Morgan’s New York-based head of blockchain initiatives, told the AFR that in the medium term tokenisation of commodities could create new opportunities for global traders.
He (Umar Farooq) believes that this will allow the sustainable miners earn the finest rates in the global markets thereby introducing new trading opportunities ever created by any disruptive technology in coming more than a decade. And he also revealed that 75 banks have signed up to join its new payments information network.
Blockchain technology platform was initially deployed for creating Bitcoin. But now banks are using it for managing global liquidity, creating crypto assets and improving information inefficiencies. Tokenisation of assets using blockchain technology will essentially “digitize” them, allowing them to move on distributed ledgers. This will help facilitate their end-to-end visibility across the value chain.