Microsoft stated in an official press release that its cloud service Azure will support Quorum Blockchain. Quorum is the open source version of Blockchain based on Ethereum that has been released by J.P. Morgan. The quorum will support J.P. Morgan and Microsoft applications in the field of Blockchain. Also, in this joint cooperation, both companies will attempt to identify the needs of the market, developers, and organizations in designing practical programs based on Blockchain. According to Umar Farooq, J.P. Morgan Blockchain project manager, Quorum has gone through four consecutive years of success and during this time it has been able to offer services to different organizations all across the world. In the view of Farooq, this collaboration will give a unique power to Quorum’s organizational customers.
Among the projects that will be supported by Quorum is providing a mechanism for paying the rights of the video game makers which will become operationalized in cooperation with Microsoft and Ernst & Young. The problems began where video game distributors in Xbox Live were faced with a 45-day delay in receiving the sales reports. In this project, Blockchain technology has been able to provide transparency and speed in the Xbox sales report for the distributors of these games. The mechanism of this project is in a way that Microsoft and the video game distributor come to an agreement via a smart contract and transactions of video game sales are stored on the Blockchain. In this way, distributors can find out about all financial transactions by gaining access to the Blockchain network.
The JPMCoin projects and the Interbank Information Network (IIN) are among other projects that will be supported via the collaboration between Microsoft and J.P. Morgan. IIN started its trial run in 2017 by J.P. Morgan and currently collaborates with more than 75 banks across the world. The aim of this project is the increase in speed and decrease in the number of steps of interbank payments through the benefits of Blockchain technology.
JPCoin is the cryptocurrency of the J.P. Morgan bank that was introduced this year. This cryptocurrency is backed by U.S. dollar, and each JPCoin is stably equal to one U.S. dollar, and thus it is called a stablecoin. JPCoin is offered on the Quorum Blockchain infrastructure. Umar Farooq stated regarding the connection between IIN projects and JPCoin: “IIN is to transfer information between member banks, while JPCoin is used to transfer value in a quick way.”