Quorum, JPMorgan Chase & co.’s blockchain and smart contract platform, might become an independent company, according to Bloomberg.
Quorum aims to create a blockchain and smart contract platform targeted for corporate clients such as financial institutions, manufacturers and large enterprises. The platform was created in 2016 on the Ethereum blockchain and currently has well-known clients such as Microsoft, Pfizer and ING Groep.
The project was created as part of the Ethereum Enterprise Alliance, of which JPMorgan is a co-founder. Members of the alliance include Satander, Microsoft, Intel and Mastercard.
According to Bloomberg’s sources, JPMorgan is in the early stages of debating whether Quorum should become its own separate entity. The blockchain platform might benefit from its independence, as it would allow it to welcome open-source projects and more important partners.
Brian Marchiony, a JPMorgan representative, said in a statement,
“We continue to believe distributed ledger technology will play a transformative role in business, which is why we are actively building multiple blockchain solutions.[…] We’re not going to comment on speculation, but Quorum has become an extremely successful enterprise platform even beyond financial services and we’re excited about its potential.”