JPMorgan Blockchain Executive Amber Baldet Leaves the Bank

Amber Baldet, JPMorgan Chase blockchain executive, will be leaving the bank to start her own venture, according to the statement of the bank on Monday.

“Amber is extremely talented and helped build the outstanding team we have today. We respect her desire to start her own venture and we wish her nothing but the best,” a spokesperson of J.P. Morgan stated.

According to a report, Christine Moy, a senior product manager at the bank, will replace Baldet, who led the bank’s Blockchain Center of Excellence and helped JPMorgan set its strategy.

Umar Farooq, head of channels, analytics, and innovation for treasury services and head of blockchain initiatives for JPMorgan’s corporate and investment bank, reportedly sent the memo.

Meanwhile, J.P. Morgan established, Quorum, its blockchain technology, two years ago for clearing and settling derivatives and cross-border payments.

The lender has been working on a spin-off of this main blockchain project for it to gain a wider range of audience, according to a report last month.

The spin-off of Quorum challenges Wall Street firms following the development of new technologies for the industry. However, it failed to get much outside adoption. The report said that rival banks could have been reluctant to use Quorum since it was closely associated with JPMorgan Chase.

Blockchain is a distributed ledger technology underpinning cyprtocurrencies, such as bitcoin, which some major banks have tested to use in payments and other financial activities.

“Quorum has become an extremely successful enterprise platform.” A JPMorgan representative stated.

Blockchain Health Alliance to Follow a Pact

Some major health care companies are exploring the use of blockchain technology to improve health care provider data.

The partnership follows a separate effort announced last January by JPMorgan Chase, Amazon, and Berkshire Hathaway, “to address health care for their U.S. employees, with the aim of improving employee satisfaction and reducing costs.”

According to a press relase, Humana, Quest Diagnostics, Multiplan, and UnitedHealth Groups are embarking on a pilot program to use blockchain to “improve data quality and reduce administrative costs associated with changes to health care provider demographic data.”

The companies said that the cost of various health care organizations is amounting to $2.1 billion annually.

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