Accenture's report for blockchain tech in investment banks

Microsoft has announced a partnership with JPMorgan Chase surrounding its blockchain platform, Quorum. It will be the first ledger available to users on the Azure cloud and the software giant’s preferred system for internally developed apps.

“We are delighted to partner alongside Microsoft as we continue to strengthen Quorum and expand capabilities and services on the platform,” said Umar Farooq, global head of blockchain, JPMorgan. “Azure will bring unique strengths to enterprise clients using Quorum.”

Quorum was created by JP Morgan back in 2015, based on the Ethereum network. It holds the company’s JPM Coin currency and focuses on enterprise application. The ledger can be utilized across a variety of industries to track goods and transactions in a secure, private way, with businesses like Louis Vuitton, Shell, and Starbucks using the platform.

Simplifying Blockchain Deployment

Azure’s role is primarily to simplify the deployment of Quroum via cloud deployment while utilizing its enterprise reach. Microsoft will also be providing engineering, consulting, and go-to-market support.

“With a few simple clicks, users can create and deploy a permissioned blockchain network and manage consortium policies using an intuitive interface in the Azure portal,” explained Microsoft CTO Mark Russinovich in a blog post. “Built-in governance enables developers to add new members, set permissions, monitor network health and activity, and execute governed, private interactions through integrations with Azure Active Directory”.

The move is more confirmation that the underlying technology of Bitcoin is supremely useful, even if the currency itself isn’t at its height. Microsoft recently brought Azure blockchain to the Nasdaq financial framework, launched a Blockchain Development Kit, aided a solution to combat spam calls.

It’s clear Microsoft sees a lot of promise and profit in the tech, and partnerships like this help to advance its vision. As a side-benefit, the company will see reduced costs for its Xbox royalty payment process, which could eventually trickle down to consumers.