JP Morgan, a New York, NY-based leading financial services firm, as per recent reports last week, has announced entering into a strategic partnership agreement with Microsoft, to promote the adoption of enterprise blockchain.
As part of this partnership agreement, Quorum – an enterprise-variant of the Ethereum blockchain, developed by JP Morgan – will be the first distributed ledger platform that’ll be available through Microsoft Azure Blockchain Service.
The step is a boon for blockchain developers, enabling customers of both firms to build and scale blockchain networks in the cloud. Furthermore, the two companies claim that with this new step customers can reel in on the advantages that this deal has to offer such as lower costs, simplified deployment, and built-in governance to focus on application development.
Umar Farooq, Global Head of Blockchain, JP Morgan, claims that Azure by using Quorum will empower enterprise clients with unique strengths. Adding further, he says, “We are incredibly proud of the success Quorum has had over the last four years, as organizations around the world use Quorum to solve complex business and societal problems via blockchain solutions.”
Peggy Johnson, Executive Vice President of Business Development at Microsoft, states the partnership is bound to accelerate innovation for customers. “As digital transformation extends beyond the walls of an individual organization, companies need solutions that enable them to securely share their business processes and data in order to drive imaginative new business models and reinvent industries,” she says.