Quorum, the blockchain platform developed by US-based banking giant JPMorgan (NYSE:JPM), is used to tokenize gold bars, according to the Australian Financial Review (AFR), citing an executive that was present at the Sibos conference in Sydney. Quorum is the enterprise version of Ethereum, the popular blockchain network that supports smart contracts. Quorum is currently applied to digitize gold bars and move them on blockchain, which will permit sustainable miners to generate a premium on the gold markets.
Speaking about Quorum, Umar Farooq, head of blockchain initiative at JPMorgan’s New York branch, reportedly said:
“We are the only financial player that owns the entire stack, from the application to the protocol.”
“We are big believers in Ethereum,” he added.
While Ethereum is a decentralized, open-source blockchain network, Quorum has been adjusted to offer a high level of privacy, as it represents a permissioned blockchain.
In the last few months, the distributed ledger technology (DLT) is being used increasingly to tokenize real-world assets such as company shares, real estate, and commodities, including gold. The end result is the production of security tokens, which ensure higher liquidity and enable investors to trade the assets more conveniently and in a more secure environment.<...>
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