J.P. Morgan (NYSE: JPM) and Microsoft Corp. (Nasdaq: MSFT) on Thursday
announced they have signed a memorandum of understanding to form a
strategic partnership to accelerate the adoption of enterprise
blockchain. Through this partnership, Quorum, developed by J.P. Morgan,
will become the first distributed ledger platform available through
Azure Blockchain Service, enabling J.P. Morgan and Microsoft customers
to build and scale blockchain networks in the cloud.
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“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,” said
Umar Farooq, Global Head of Blockchain, J.P. Morgan. “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.”
The partnership with Azure will further strengthen Quorum as a fully
integrated, Ethereum-based blockchain platform and suite of
applications. Together, the platform will enable enterprise businesses
across all industries to shift their focus from infrastructure
management to application development, ultimately driving transformative
business value. Customers will be able to rapidly grow their networks
while benefitting from lower costs, simplified deployment and built-in
governance enabled through Azure Blockchain Service.
Going forward, J.P. Morgan and Microsoft will continue to work together
to address common enterprise, Independent Software Vendor, and developer
needs for building and deploying blockchain applications on Quorum in
the cloud. Microsoft will also provide engineering, consulting and
go-to-market support for Quorum.
“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,” said Peggy Johnson, Executive Vice President of Business
Development, Microsoft. “Together, we’re taking a truly transformative
technology like Quorum and making it available through the Azure
platform to accelerate innovation for our customers.”
In addition to providing a platform for Quorum customers to build
blockchain networks and applications, Quorum will continue to power J.P.
Morgan and Microsoft blockchain programs and first-party apps, such as
the Interbank Information Network, JPM Coin and Microsoft’s Xbox
royalty payment process, among others.
About J.P. Morgan’s Corporate & Investment Bank
J.P. Morgan’s Corporate & Investment Bank is a global leader across
banking, markets and investor services. The world’s most important
corporations, governments and institutions entrust us with their
business in more than 100 countries. With $24 trillion of assets under
custody and $444 billion in deposits, the Corporate & Investment Bank
provides strategic advice, raises capital, manages risk and extends
liquidity in markets around the world. Further information about J.P.
Morgan is available at www.jpmorgan.com.
About Quorum
Quorum, led by Oliver Harris, offers an enterprise ready version of
Ethereum for businesses that need a secure, reliable, and open-sourced
blockchain solution. Quorum is designed to make adopting blockchain a
seamless process. For more information, visit https://goquorum.com
About Microsoft
Microsoft (Nasdaq “MSFT” @microsoft) enables digital transformation for
the era of an intelligent cloud and an intelligent edge. Its mission is
to empower every person and every organization on the planet to achieve
more.
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