American multinational investment bank and financial services company, JPMorgan Chase & Co. is teaming with Microsoft to make blockchain tech “easier and cheaper” for companies, MarketWatch reports.
Thanks to the new collaboration, the bank wants to simplify the way how blockchain-based apps are developed.
According to JPMorgan’s Head of Blockchain Initiatives, Umar Farooq, Microsoft’s cloud-service Azure will power the platform, named Quorum, which will allow enterprises to create and deploy new blockchain apps in “as little as a few weeks without needing as much expertise.”
“It was important to make sure that we could provide the sort of enterprise tools and services that [companies] need,” Farooq added.
Earlier, Chief Information Officer (CIO) of JPMorgan, Lori Beer, expressed confidence that the blockchain would replace competing technologies for several years.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.