JPMorgan Chase has tapped Microsoft to help it expand its blockchain platform, aiming to make it easier for companies to develop and deploy blockchain applications, The Wall Street Journal reports.
Per the agreement, which financial terms were not disclosed, Microsoft's Azure will power the blockchain platform, known as Quorum. JPMorgan's blockchain network allows organizations to build new blockchain applications in just mere weeks, according to company's head of blockchain initiatives Umar Farooq.
For enterprises looking to build blockchain proof-of-concept applications, Matt Kerner, general manager for industries and blockchain at Microsoft Azure, said it should take only about six weeks as opposed to the traditional six months.
"Many developers don't yet know how to write code for blockchain," Mr. Kerner told WSJ. On top of the lack of experience, the cost to build a test blockchain application could total to tens of thousands of dollars to hundreds of thousands.
Companies are not charged to use JPMorgan's blockchain network. Rather JPMorgan hopes that with more users on its blockchain platform, more standards for building blockchain applications and sharing data will be developed.
JPMorgan developed Quorum nearly four years ago on the blockchain-based Ethereum network, reports WSJ. The company uses the blockchain network internally and it has also issued a digital coin, known as JPM Coin, on Quorum.