JPMorgan will Use Microsoft Azure in Quorum Blockchain
US bank JPMorgan Chase will use Microsoft Azure cloud storage in Quorum blockchain to simplify the process of creating and running applications in distributed network. The head of the blockchain initiatives JPMorgan Umar Farooq announced that with Azure platform commercial enterprises will be able to develop their own applications for Quorum network. Programmers will have access to special tools for writing and testing blockchain code. Azure cloud storage will be used to send and receive files from the Quorum network, as well as to manage the code. According to Farooq, the process of developing applications based on the “proof-of-concept” consensus protocol will be reduced from 6 months to 6 weeks. Moreover, the creation of software does not require special skills. This will reduce the payment of employees. General manager for industries and blockchain at Microsoft Azure, Matt Kerner, said:
“Companies using Quorum could build blockchain proof-of-concept applications in about six weeks as opposed to six months because of the cloud, and they can use their existing IT teams. Many developers don’t yet know how to write code for blockchain. The cost to build a test blockchain application could fall to tens of thousands of dollars from hundreds of thousands.”Employees of JPMorgan Bank have developed the Quorum network based on the Ethereum blockchain cryptocurrency in 2015. The main features of Quorum include:
- data transfer;
- making money transfers;
- storing transaction information.