JPMorgan and the National Bank of Canada, among other major corporations, are piloting a blockchain platform designed to streamline the bond issuance process.

According to Reuters, the well-known Wall Street investment bank has issued a statement showing that this test run processed up to $150 million of the National Bank of Canada's one-year floating-rate bond Yankee CD issued on the same day. In addition, companies participating in the trial run of the blockchain project include Goldman Sachs Asset Management, Pfizer, Legg Mason Inc's Western Asset, etc.

David Furlong, senior vice president of blockchain at the National Bank of Canada, also issued a statement, specifically mentioning that blockchain technology has the potential to bring about huge changes in the financial services industry. It is reported that the blockchain platform is based on Quorum, JPMorgan Chase’s open source blockchain, and it took a full year to build.

According to related reports in March this year, JPMorgan Chase is considering spinning off the Quorum blockchain project and operating it as an independent entity.

It is reported that JPMorgan Chase's move is somewhat "speculative". The bank spokesman declined to comment on the matter, but said that Quorum has become a very successful enterprise-level platform, even beyond financial services, and is very excited about its potential.

However, in an interview with Reuters, Umar Farooq, director of blockchain projects at JPMorgan Chase & Co. and investment bank, confirmed that JPMorgan Chase is considering splitting Quorum because the technology has attracted interest from a large number of companies in the financial industry.

Umar Farooq also added that the spin-off of Quorum is just beginning, and there is interest from financial institutions and large enterprise technology companies, but he declined to disclose the names of these companies.