JP Morgan’s Blockchain Supported by Proof Suite’s Decentralized Exchange
Two weeks ago, Proof Suite released a video demonstrating how to issue company shares as cryptocurrency on top of JP Morgan’s Quorum blockchain. JP Morgan’s blockchain has many benefits not seen in many production chains today, including scalability (thousands of transactions-per-second) and privacy (institutions can transact in public using encryption in a way that only the counterparties are privy to transaction details). Quorum is also built on top of Ethereum, which boasts one of the most active developer networks and a battle-tested infrastructure. The only thing really missing from the Quorum blockchain is usage.
That’s changing. Financial institutions can now deploy Proof’s open-source decentralized exchange (AMP) and connect it with their private Quorum blockchains. Before AMP, popular Ethereum-based decentralized exchanges, such as EtherDelta and IDEX, did not completely open-source one of the most important parts of their exchanges: the order book matching engines. Many of these exchanges also hid their client-side code behind obfuscation to prevent customization. Proof serves as the first group to completely open-source this technology, allowing for a break-up of decentralized exchange technology monopolies globally, while adding more transparency.
AMP comes with an interface intuitive to institutional traders, while also offering real-time customer and technical support. For many financial institutions, the hold-up on deploying live blockchain solutions has come from the scalability and speed limitations (which Quorum solves) and the the lack of usable dApps to power complex financial transactions and trades (a problem Proof Suite solves via Togen and AMP).
The real benefit? While Proof Suite’s AMP supports the Quorum blockchain, it also supports the public Ethereum blockchains. Following the Quorum video two weeks ago, there was another video produced by the team on transferring assets between blockchains via Loom Network’s Plasmachain. Connecting the dots unveils a bight future for blockchain technology, where private transactions can happen on one chain where financial regulations are X and then moved to another chain where regulations might be Y.
The fluidity in value, for example, in complex derivatives markets, might soon be accessible to the fringes of the unbanked financial world… and vice versa. The opportunities there are something unlike anything we have ever seen.
