JPMorgan to Tokenise Gold Using Quorum Blockchain

Umar Farooq, head of blockchain initiatives at the investment bank, explained: “They wrap a gold bar into a tamper-proof case electronically tagged, and they can track the gold bar from the mine to end point – with the use case being, if you know it’s a socially responsible mine, someone will be willing to pay a higher spread on that gold versus if you don’t know where it comes from.”

“We are the only financial player that owns the entire stack, from the application to the protocol. We are big believers in Ethereum,” Farooq explained.

Reportedly, the bank is considering using this network to trade other things to. Farooq said that “the entire value chain is going to head in that direction”.

In June 2018, the central bank of South Africa tested Quorum for itself and found that it could process a day’s worth of transactions in two hours.