The decision on the basis of the Quorum of JPMorgan Chase joined more than 75 banks
It seems that representatives of the R3 consortium that developed the platform Corda, was right in his prediction about big blockchains for General corporate purposes. Consolidation is inevitable, the only question is, which platform markets will choose as centres for consolidation.
More than 75 banks headed whales such as Societe Generale and Santander joined the project Interbank Information Network. The project is a solution based on the platform developed by JPMorgan Quorum.
As reported Hash#Telegraph earlier, the first project participants were ANZ Bank (one of the four largest banks in Australia) and Royal Bank of Canada, which tested IIN. The aim of the project was stated to reduce the time and cost to process payments.
The participants of the project last autumn stated that they expect growth in the number of its members — judging by today’s news, the goals they failed to achieve.
Payment processing — one of the areas where startups and the payment system are banks significant competition, however, bankers do not consider this a reason to abandon their traditional earnings. “The blockchain is a way to hold the position in this business”, — said the representative of JP Morgan Chase.
Participants may also place their hopes in the possibilities of the blockchain in one of the specific spheres of their activities — the processing of payments, details of which have bugs or for some reason cause suspicion of the respective banking services. If involved in a chain of several banks from different countries, clarification of all details in the case of such payments with the current technology could take weeks.
Quorum — the blockchain, open source is a fork of Pirovskoe Go Ethereum client. The project was created by developer Jeff Fork and allows you to simultaneously conduct several hundred transactions. Interbank payments in the blockchain realized in the form of smart contracts.