J.P. Morgan Chase has just tested a new blockchain platform with the National Bank of Canada and other investment firms to test debt issuance. The objective of the project is to streamline banking procedures.

The National Bank of Canada issued a $150 million one-year floating-rate Yankee certificate of deposit to mirror the issuance using blockchain technology. The test was conducted with J.P. Morgan’s debt issuance application that runs on Quorum, which is an open-sourced variant of the Ethereum blockchain. J.P. Morgan says Quorum is designed to meet the needs of financial markets participants.

Others that took part in the experiment included the fund management arm of Goldman Sachs Group Inc., Goldman Sachs Asset Management, Pfizer Inc. and Legg Mason Inc’s Western Asset.

David Furlong, Senior Vice President of Artificial Intelligence, Venture Capital and Blockchain at National Bank of Canada, said in a statement, “Blockchain-related technologies have the potential to bring about major change in the financial services industry.”

Christine Moy who works as J.P. Morgan’s Blockchain Program Lead says that one of the mandates of the blockchain program is to learn how the technology can be more profitable.

“One of the mandates of the J.P. Morgan blockchain program is to identify how blockchain technology can create value, efficiency, and a better experience for our clients across the financial markets value chain,” Moy said. “This is an exciting example of how J.P. Morgan leveraged our combined capabilities in capital markets and blockchain technology, delivering results to a diverse set of clients.”