Microsoft is Making JP Morgan Quorum the Preferred Blockchain for Azure Cloud
An important step for Blockchain in the Cloud just happened
Microsoft is partnering with JPMorgan Chase on its blockchain product and it’s an important partnership. This was announced on May 2nd, 2019. Microsoft will promote JPMorgan Chase’s Quorum blockchain to the global tech giant’s business customers.
Quorum is JPM’s private enterprise version of ethereum, and now will be boosted through Microsoft’s Azure cloud platform.
The expressed goal is to make it easier, cheaper for companies to make blockchain apps. In fact, ahead of its 2019 Build developer conference, Microsoft announced a slew of updates across its Azure cloud: New Azure, AI, Blockchain, IoT Tech, cognitive services, blockchain, intelligent edge, and HoloLens 2. In short, Microsoft is innovating across the board.
Quorum “will become the first distributed ledger platform available through [the] Azure Blockchain Service, enabling J.P. Morgan and Microsoft customers to build and scale blockchain networks in the cloud”.
As you know, Blockchain or DLT (Distributed Ledger Technology) is one of the major transformations that we have seen recently in the field of technology. Being one of the most multifaceted and universal technologies, it has managed to garner the attention of many businesses around the world.
Quorum is an Ethereum based DLT. The objective behind this is to provide a permissioned implementation of Ethereum which supports transactions and contract privacy.
The functioning of Quorum is similar to Ethereum but with a few differences. Here is how Quorum is different from Ethereum blockchain, according to itself:
- Network and peer permissions management
- Enhanced transaction and contract privacy
- Voting-based consensus mechanisms
- Better performance
Based on Ethereum, Quorum is an open source blockchain platform that combines the innovation of the public Ethereum community with enhancements to support enterprise needs.
Blockchain on the Cloud is becoming a lot more important in 2019. Along with stablecoins it’s one of the major technologies that are being adopted.
- Microsoft will drive preference to the Quorum stack for Blockchain applications built on Azure
- Azure will bring unique strengths to enterprise clients using Quorum
If you think about the implications of this partnership, they are pretty broad and deep. So Quorum will be used to support both JPM and Microsoft’s blockchain programs, as well as the bank’s Interbank Information Network, its internal cryptocurrency JPMCoin and royalty payment points for the Xbox gaming platform.
Microsoft’s launch of fully managed blockchain services is pretty significant. JP Morgan and Microsoft are BUIDling and in the partnership both firms will try to address enterprise, developer and vendor needs for building on blockchain applications using Azure’s cloud servers.
Microsoft wants to connect every smart enterprise device through Azure, including IoT, Intelligent Edge and blockchain. Microsoft’s platform has never looked as well diversified as in 2019.
Rumors first emerged in March 2018 that JPM would let Quorum launch as an independent platform, largely due to its own success. JPM is still actively exploring this possibility.
Microsoft continues to evolve its blockchain services with the launch of Azure Blockchain Service, a fully managed service that’s designed to remove the complexity and pain points of creating and maintaining blockchain networks. Quorum has a big place in this.
In a lot of ways Azure is building the intersection of blockchain and AI on the cloud. Microsoft’s AI ambitions span its entire infrastructure and product portfolio and it’s taking shape inclusive of blockchain.