The largest bank in the United States, JPMorgan Chase, has been reportedly mulling over the possibility of merging their Blockchain unit, Quorum, with that of Consensys, a major Ethereum-based firm. This possible merging would undoubtedly send shockwaves all around the Blockchain world.
According to a report by Reuters, a group that is familiar with the current plans of both parties, the terms for the possible deal is still under substantial discussion. With that said, they still predict that we might see this partnership officially bloom within the coming months.
News about Quorum was first reported in 2016. It generated a big buzz as it officially united Ethereum with the bank – even though it was just a version of the technology that is private. The establishment of the said firm was considered to be a huge first step forward toward the development of a system that could bridge private institutions via several distributed networks.
Quorum has since then deployed many privacy features on Ethereum. It has also revamped the Java programming language in the effort to make it easier to use and implement for various businesses. Not only that, Quorum has also been used as the foundation for the Interbank Information Network of JPM (IIN), which is, at of this moment, has more than 365 banks under their name. This particular platform aims to allow its member banks to relay information to one another in real-time, permitting them to authenticate payments as approved.
Sources from Reuters suggest that the Quorum unit currently has 25 people around the world under its employment. With that said, it has neither been confirmed nor denied yet if they, too, would be a part of the Consensys team after the rumored partnership launches.
The latest developments for JPMorgan and Consensys
Despite the fact that the JPM Coin hasn’t been released yet, JPMorgan has already started building a hybrid public-private Blockchain network that includes smart contract functionality. They call this recent venture the Kadena.
Consensys, on the other hand, announced that they’d have to cut some of its employees up to a rough estimate of 14%. They say that this is a part of their restructuring that will force the separation of the firm’s venture activities from its software development works. This announcement was made just last week.