Jim Sinclair’s Commentary
Gold can make the worse crap workable.
JP Morgan’s Ethereum-Based Quorum Blockchain Will Tokenise Gold Bars
October 30, 2018
US banking giant JPMorgan Chase Bank’s blockchain, Quorum, will be used to “tokenize” gold bars. Quorum is the enterprise version of the Ethereum blockchain, developed by JPMorgan Chase, will ensure users operate smart contracts while using pre-programmed rules to automate them.
The ethereum-based blockchain will afford sustainable miners the opportunity of earning a premium on the global market. In a report on popular news website Financial Review, the development was described as “an indication of new trading opportunities the disruptive technology will create over the coming decade.”
When the blockchain came into the reckoning some years back, its major application was in the financial sector, where digital currencies were created. However, the paradigm shift has prompted diverse application of the distributed ledger technology in other areas like healthcare, aviation and in banking.
The Financial Review quoted Umar Farooq, JPMorgan Chase’s head of blockchain initiatives, who stated:
“We are the only financial player that owns the entire stack, from the application to the protocol.”