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Enterprise Blockchain News That Dominated November - build on Ethereum!

JP Morgan ChaseASSOCIATED PRESS

Enterprise blockchain in the banking and financial services has crossed the chasm in 2019. We saw a plethora of banking and payments giants coming out with various initiatives, from payment networks and stablecoins to bonds and private equity blockchain protocols. Last week was no exception as J.P. Morgan, HSBC and Visa came forward announcing key blockchain developments.

J.P. Morgan is using blockchain to optimize floorplan lending audits and to manage collateral

There is a lot happening at the large corporation J.P. Morgan, which has developed its own private blockchain called Quorum. Quorum, in fact, is not a completely new blockchain; instead, they used a copy of public Ethereum protocol and added several important services to make it suitable for financial enterprise. The final blockchain implementation was then open-sourced and made available for anybody to download and use. J.P. Morgan are using Quorum successfully for various use-cases, from issuing a stablecoin to launching its Interbank Information Network (IIN)

Last week it was revealed that J.P. Morgan has filed for a patent that aims to optimize the usually difficult process of floorplan lending audits. For that purpose, they are launching a blockchain network that will consist of Original Equipment Manufacturers (OEMs), Chase Auto’s existing network of car dealerships, and internal banking departments. This blockchain network, combined with a vehicle telematics solution, will give complete visibility where the cars are at any given moment. It’s still not clear how the data will be sent to the blockchain from the car, as we know that the car manufacturers are highly resistant to giving out such valuable data. Some of them might be willing to sell that type of data, but that’s not sustainable business planning. A possible solution will be to leverage an Internet-of-Things (IoT) device that can be plugged into the car ports.

Another use case f...

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