Ethereum Receives Massive Backing From JP Morgan
Ethereum is gaining popularity due to potential products it can provide for the financial sector.
JP Morgan Blockchain Head Explains Why Ethereum Is Preferred
Ethereum has received a massive backing from banking giant JP Morgan. The world’s largest bank is attracted to ethereum’s ability to offer practical features in finance.
JPMorgan has established the Quorum product which is the bank’s version of ethereum. The facility is committed to unveiling the product that will be used to tokenize gold bars. Recently, JP Morgan’s blockchain boss Umar Farooq shared his insights on the benefits of ethereum and the potential of Quorum.
He pointed out that already, we have real application of Quorum outside JP Morgan. He stated that gold is being tracked using tamper-proof cases that are electronic. The electronic feature allows tracking of gold from the production base to the final destination. Umar further pointed out that diamonds were following the same model. Unlike other platforms, Quorum has the necessary protocol and the applications making JP Morgan trust in ethereum.
Despite the positive feedback from Umar, Jamie Dimon is not sure about bitcoin’s long-term sustainability. He takes the same course just like governments that seem to be sceptical about bitcoin but at the same being open to exploring blockchain. Generally, a number of governments and politicians hold a negative view of the cryptocurrency sector. Such an attitude has been viewed as the main barrier towards mass adoption.
A report by The Next Web stated that Dimon had softened his stance regarding bitcoin. However, during an Axios Conference in Los Angeles, Dimon said that the reports were untrue as his bitcoin stance still stands. Dimon said that he does not just care about the cryptocurrency.
He said that the blockchain is all he cares about but not bitcoin. He lauded bitcoin as the real technology.