J.P. Morgan (NYSE: JPM) and Microsoft Corp. (Nasdaq: MSFT) have signed a memorandum of understanding to form a strategic partnership to accelerate the adoption of enterprise blockchain. Through this partnership, Quorum, developed by J.P. Morgan, will become the first distributed ledger platform available through Azure Blockchain Service, enabling J.P. Morgan and Microsoft customers to build and scale blockchain networks in the cloud.
“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,” said Umar Farooq, Global Head of Blockchain, J.P. Morgan. “We are delighted to partner alongside Microsoft as we continue to strengthen Quorum and expand capabilities and services on the platform. Azure will bring unique strengths to enterprise clients using Quorum.”
The partnership with Azure will further strengthen Quorum as a fully integrated, Ethereum-based blockchain platform and suite of applications. Together, the platform will enable enterprise businesses across all industries to shift their focus from infrastructure management to application development, ultimately driving transformative business value. Customers will be able to rapidly grow their networks while benefitting from lower costs, simplified deployment and built-in governance enabled through Azure Blockchain Service.
“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. We’re thrilled to partner with a leader like J.P. Morgan to establish a foundation on which enterprises and partners can rapidly build and scale blockchain networks,” said Peggy Johnson, Executive Vice President of Business Development, Microsoft. “Together, we’re taking a truly transformative technology like Quorum and making it available through the Azure platform to accelerate innovation for our customers.”
In addition to providing a platform for Quorum customers to build blockchain networks and applications, Quorum will continue to power J.P. Morgan and Microsoft blockchain programs and first-party apps, such as the Interbank Information Network, JPM Coin and Microsoft’s Xbox royalty payment process, among others.