Blockchain technology emerged over a decade ago as the software tracking cryptocurrency transactions. Since then, banks and other large corporations have been investing millions of dollars to develop and test a range of business applications using the nascent technology. Banking giant JPMorgan, nonetheless, joined in and built its very own: the Quorum blockchain.
Today, JP Morgan Chase is considering merging its blockchain Quorum with Consensys, a startup working on decentralised technology.
According to reports, talks are still in the early stage and the companies are considering to publicly announce the deal in the next six months.
JPMorgan built the Quorum blockchain internally using the Ethereum network. It is being used by JPMorgan to run the Interbank Information Network, a payments network that involves more than 300 banks. JPMorgan, the largest U.S. bank by assets, also said it would use Quorum to issue a digital currency called JPMorgan Coin that it designed to make instantaneous payments using blockchain.
Quorum was first reported in 2016, creating a wave of excitement in the blockchain industry. It has had privacy features from Ethereum and added a major revamp based on the Java programming language in a bid to make it easier for businesses to use and deploy.
ConsenSys was started by Joseph Lubin, one of the co-founders of Ethereum, with his own funds, which he received from Ethereum, but its business was mauled by the bear in the cryptocurrency market, especially when the value of Ether plummeted.
The startup has reportedly shed 14 percent of its workforce recently following the separation of its development business from its venture initiatives. The blockchain company also shut its operations in India and the Philippines recently, terminating all the staff from the two offices.
The company is aiming to raise $200 million, however, not much information about its development has been available to the public.