“Think of it as the foundation of an enterprise mainnet.”
That’s how Christine Moy, head of JPMorgan’s newly rebranded Liink banking network, described its aspirations towards decentralization in the realm of big business.
The revamped Liink, which is based on a fork of Ethereum, is more of a “decentralized network,” said Moy, and less like a “central command product.” As such, Liink now invites its 400-plus financial institutions (including 25 of the largest 50 banks) to start building on top of the platform.
“Liink participants have the ability to build applications on the network, and in doing so are able to spotlight their local expertise with global reach,” said Moy. “If a Liink participant has specific expertise around payments in a particular region or currency, for example, it has the opportunity to build an application and deploy it on Liink to make it available to the network.”
Read more: JPMorgan’s ‘JPM Coin’ Is Live, Execs Say
Formerly known as the drably named Interbank Information Network, Liink was designed to connect banks in a peer-to-peer fashion and help them remove the pain points from cross-border payments and other functions.
While Liink is not open-source like Quorum or, say, R3’s Corda network, JPMorgan is encouraging collaboration within the network and also expanding it beyond banks.
“The focus has been on building a peer-to-peer network for cross-border payments, thus the original name, Interbank Information Network, but we are now also incorporating corporates and fintechs into the Liink ecosystem as well,” said Moy.
JPM’s next step?
JPMorgan, which is famous in the blockchain world for creating the Ethereum-based Quorum network, released a flurry of news Tuesday, the headline being that its wholesale banking digital currency JPM Coin is now live. But also that all Quorum-based services now fall under the new Onyx brand.
“Liink as a new brand comes at a pivotal time, as we look to re-architect how…