[2016-10-04] JPMorgan is Quietly Developing a Private Ethereum Blockchain

[foserfox]

Wall Street mega-bank JPMorgan has co-developed a private, permissioned version of the ethereum network.

The project, presented during a meeting of the Hyperledger technical steering committee last month, was recently demonstrated during the Sibos convention in Geneva. But while the bank avoided the headline-grabbing announcements of its peers like Bank of America and UBS last week, this doesn't mean it is shying away from discussing its work.

Called Quorum, the platform was developed in partnership with ethereum startup EthLab, and it is one of the first projects to come out of a working group within the bank known as the Blockchain Center of Excellence.

Amber Baldet, program lead for the division, explained that JPMorgan is now looking to open source its blockchain technology work in order to get more developers involved.

http://www.coindesk.com/jpmorgan-ethereum-blockchain-quorum/

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[Dank14]

So JPmorgan plans on having private miners as well... so the world won't be able to trace its transactions?

[hv_]

Such solutions will always be more expensive than open ones. So Bitcoin (community) needs to look into this unique advantage and keep up staying open & cheap!

[Fredomago]

thats a good thing with us knowing that blockchain is started being adopted by a big company like jp the only concerned here is why they needed to have another project why not adopt bitcoin instead since it was already develop for sure jp had its own intention riding with the new trend if they going to create their own maybe we can call "alt" what can it bring to bitcoin community, will search more about this mate but it will add people awareness about crypto good for us.

[gentlemand]

It's going to be fascinating to see how the first properly operating private blockchain works. If it's ETH based then presumably there has to be some mining involved. Who is going to do it and if it's not monetised who's going to pay for it?

[TraderTimm]

LOL.

JPMorgan using Ethereum amuses me greatly. "Hey guys, lets use the network that got taken down recently due to code that was allowed to execute. What could go wrong?"

Oh I know -- its all "fixed" now.

Sure thing. I bet its totally "fixed" in the same way that nobody saw the ETH contract heist coming. Using a coin that has to obey code is probably one of the more idiotic things a bank will adopt, and I look forward to the hilarity that will ensue in their bumbling efforts to make a market for it.