Connect with us

Blockchain News

JPMorgan Experiments On Quorum For Debts Issuance On Blockchain

Published

on

By

Quorum is the technology of focus. JPMorgan, the biggest US-based bank is joining forces with the national bank of Canada amongst others to develop an application for debt issuance with Quorum technology on blockchain.
The app would be designed to perform debt issuance across origination, distribution, execution, settlement as well as interest rate and maturity payments. The intention is to slash the cost and the need for service providers. The leading institutional investors were attracted by the Yankee COD.
Goldman Sachs Asset Management (GSAM), pharmaceutical giant Pfizer and a Legg Mason subsidiary Western Asset, are amongst others that were attracted by the Yankee COD. The attraction is the open-source Quorum which is an enterprise version of Ethereum which is designed for financial institutions.
According to JPMorgan’s Blockchain Program lead Christine Moy, In a press release statement:
“This is an exciting example of how J.P. Morgan leveraged our combined capabilities in capital markets and blockchain technology, delivering results to a diverse set of clients. We look forward to exploring blockchain-enabled capital markets applications … and how working together on open source technology like Quorum can enable and accelerate this progress.”
Amber Baldet was the former JPMorgan’s Blockchain Program Lead, before being replaced by Christine. Amber who was one of the key architects of Quorum left to begin her own company.
Quorum is a move in the right direction, however, it’s not the first of its kind as it follows after UK-based Nivaura in conjunction with Microsoft’s Azure cloud technology. The pair successfully structured nodes to retail investors.
In a bid to showcase the power of Quorum and what it can offer, Nivaura made reference to a retail investment firm that completed a bond issuance last year. In that deal, the expenses were reduced from GBP 30,000 to GBP 50 for the product’s duration.
Banks are beginning to adopt the technology not wanting to be left behind. National Bank of Canada’s David Furlong said: “Blockchain-related technologies have the potential to bring about a major change in the financial services industry.”
GSAM’s David Fishman said: “We’re excited to have the opportunity to learn from this test and to help develop more efficient ways of trading – from providing more transparency to streamlining processes and minimizing transaction costs.”
What’s your opinion about the innovative Quorum technology? Would it stand the test of time and be adopted by users, or will it be just a regular blockchain technology? Let’s know what you think by leaving a comment below.
 
Featured Image: JPMorgan
 
Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Blockchain News

Cabify Explores Blockchain to Track and Counterbalance its Carbon Emissions 

Published

on

Giant Latin American ride sharing company, Cabify is set to utilize blockchain technology to make up for its toxic carbon releases.  

Vide its recent disclosure just this previous week, the company has liaised with a Valencia Spain headquartered FinTech outfit, ClimateTrade, to trace its carbon discharges in real time as it goes about its business.   

ClimateTrade runs its business by tracking the carbon fume prints of its clients’ rides and counterbalancing the carbon emissions by giving sumptuous credits on its blockchain based market platform. Ana Karen, ClimateTrade’s CMO hinted on how ClimateTrade was chosen by Cabify as a result of the latter’s substantial carbon emissions.   

ClimateTrade’s business model exploits the need to balance offsetting carbon releases and investment in sustainability simultaneously.

ClimateTrade’s CEO, Francisco Benedito, notes:

 “This alliance will provide transparent accreditation of the company’s carbon neutrality.” 

A Wednesday press release stated that ClimateTrade is set to explore the nascent technology that is blockchain from Algorand (ALGO, +2.65%).

The Press Releases highlighted that:

“ClimateTrade and its customers will be using Algorand as its primary infrastructure layer and leveraging its capabilities for carbon offsetting.” 

Continue Reading

Blockchain News

270k User Data At Risk As Australian Crypto Exchange Accidentally Sends Emails En masse 

Published

on

An Australian Crypto Market Overt dubbed BTC Markets, has by a mere twist of fate jeopardised the privacy protection of its customers by accidentally baring their personal information. This way, its users are at the mercy of phishers and identity thieves. 

Business Insider disclosed how the exchange had bared the identities (names and email addresses) of more than 270,000 users when it released emails en masse to the users all at once. 

The same mail was addressed to a set of one thousand email recipients. 

This unintended disclosure came to be due to the emails sent all at once instead of mails being sent to each user personally, or better still, opting to utilize the “blind carbon copy” feature.

Any would-be identity thief would already have access to about nine hundred and ninety nine other personal data from each addressed email.

Caroline Bowler  the CEO of BTC Market explained that: 

“all account holders were affected.” 

She continued that: 

“The email was sent in batches, rather than in bulk.”

The mails could not be reversed or cut midway once it was sent.

Although sensitive data regarding passcode, financial information were not compromised, the disclosed info puts users at risk of phishers, identity thieves, and fuels the menace of obtaining by false pretences, as potential scammers now know who and who have crypto accounts.

This unintended move brings to the fore the challenges of centralizing Crypto markets. Any error or system hack can give away non-sensitive and even highly sensitive data.

With the look of things, BTC Market has to undergo an internal evaluation and timely review so as to tighten its security. To observe necessary due process, BTC Markets will  have to register this inadvertent occurrence to the Office of the Australian Information Commissioner.

Continue Reading

Blockchain News

I Didn’t Own Any Cryptocurrency Before Beam, Not Even Bitcoin – Beam CTO, Alex Romanov 

I did not have any relation or experience with any other cryptocurrency or blockchain.

Published

on

The Chief Technical Officer of Beam Alex Romanov has revealed the first cryptocurrency he ever owned. He said in the CryptoTvplus AMA Series on the 25th of November that Beam was the first cryptocurrency he owned. Not even bitcoin, he emphasized. 

He said the Beam project was the first blockchain related project he undertook. Before I started, he explained, “I did not have any relation or experience with any other cryptocurrency or blockchain. In fact, I didn’t even own any other cryptocurrency before Beam. Beam was the first cryptocurrency I actually first owned.”

This is like true for most of the team I think. We were new to this space and had to learn everything from scratch very quickly, which we did and eventually we produce Beam, Alex added. 

In the AMA session which was focused on the Beam Confidential DeFi Ecosystem, Alex also revealed the project did a hard fork in July and added a feature amongst others called Confidential Assets. 

This feature allows anyone to create a confidential token easily without special development skills. 

He also expressed his opinion on the future of the industry with emphasis on regulations as it affects privacy coins.

He said “we’ll see regulations moving forward to adapt to the new reality and understanding privacy is not something bad but something good that people need to be able to trade on blockchain”

You can watch the full session here. 

Continue Reading
Advertisement
Advertisement

Trending