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Copyright © Blockchain Council www.blockchain-council.org 1
Copyright © Blockchain Council www.blockchain-council.org
What is Quorum Blockchain?
Blockchain or DLT (Distributed Ledger Technology) is one of the major
transformations that we have seen recently in the field of technology. Being one of
the most multifaceted and universal technology, it has managed to garner the
attention of many businesses around the world. Although, Blockchain now finds
application in myriads of the field usage in the financial sector remains the most
conventional and popular one.
2
Copyright © Blockchain Council www.blockchain-council.org
In this blog, I will be highlighting the latest development in blockchain in the
financial sector. We are talking about Quorum. This is the most recent
development which JP Morgan is bringing to the financial industry.
The inclination of big banks towards blockchain technology is unhidden. J.P.
Morgan Chase has taken the initiative in this direction; it is one of the leading
investment banks in the world. JP Morgan along with Ethereum Enterprise
Alliance has come up with Quorum. It is a private blockchain which will be working
as the bank’s new brain.
3
Copyright © Blockchain Council www.blockchain-council.org
Why there is a need to develop such a system?
When we talk about Blockchain and its implementation in the financial or other
sectors, then there are a few concern which bothers us. Issues like control of
information, complete public transparency and access are a few concerns that
banking and other financial institutions have when it comes to the blockchain.
Although, blockchain offers features like immutability and easy traceability when it
comes to the traditional banking system than relying on a system where the entire
data would be visible to the public is bothersome. Apart from this, the threat of
exposure to smart contracts is something which also concerns these
organizations.
4
Copyright © Blockchain Council www.blockchain-council.org
Well, Quorum is a move in this direction. JP Morgan has developed this with an
intent to clarify all the apprehension surrounding the use of blockchain as a part of
the mainstream financial transaction system. Another reason for the development
of Quorum is to seal the gaps that blockchain has and to come up with a reliable
and trustworthy blockchain platform.
5
Copyright © Blockchain Council www.blockchain-council.org
What is Quorum?
As mentioned above, Quorum is an Ethereum based DLT. The objective behind
this to provide a permissioned implementation of Ethereum which supports
transactions and contract privacy.
The functioning of Quorum is similar to Ethereum but with a few differences. Here
is how Quorum is different from Ethereum blockchain :
6
Copyright © Blockchain Council www.blockchain-council.org
Network and peer permissions management
· Enhanced transaction and contract privacy
· Voting-based consensus mechanisms
· Better performance
7
Copyright © Blockchain Council www.blockchain-council.org
Let’s analyse these factors:-
Network and peer permissions management- When it comes to one of the
remarkable features of Quorum then you must know that it is a permissioned
system which means that the Quorum network won’t be open to all. Only the
validated and authorised people can be a part of this network. Quorum has a
permissioned chain of people in the system; the exchange takes place between
participants who are pre-approved by a designated authority.
8
Copyright © Blockchain Council www.blockchain-council.org
Enhanced transaction and contract privacy– One of the key feature that banks
look at is confidentiality of data. Well, the current technology of Blockchain or
Ethereum that we use fail to give a complete guarantee of security of data. Since
visibility and ease of accessibility is one, the key aspect of Blockchain, the banking
and financial institutions restrain from using this technology. When it comes to
Quorum, then its permissioned nature makes it a favourable concept.
9
Copyright © Blockchain Council www.blockchain-council.org
It introduces the concept of public and private transactions. The open transactions
are similar to Ethereum but when it comes to the private transaction then it is
confidential, and the data is not exposed to the public. One of the key features
which make the Quorum superior to Ethereum or other blockchain platforms is
Constellation. It is one of the important features of Quorum. It secures the
messages by enslaving it. In this enclave, there are previous transactions
authenticity and authentications. Most of the cryptographically-heavy work relay
within it, thus making it a secure and safe mechanism.
10
Copyright © Blockchain Council www.blockchain-council.org
Voting-based consensus mechanisms- Unlike another blockchain mechanism.
Quorum is based on voting consensus mechanism which is also known as
QuorumChain. The functioning of this consensus mechanism is very simple; it
delegates voting rights to others. To assign voting rights, Quorum Chain makes
use of the smart contract. It not only assigns the voting rights but at the same
time, it also tracks the status of all the voting nodes. Quorum transactions include:
· Global Transaction Hash
· Public State root hash
· Block maker’s signature
11
Copyright © Blockchain Council www.blockchain-council.org
Many Chinese Internet companies have established a Blockchain laboratory in
2017. The objective of these laboratories is to identify the use of Blockchain and
its application in real life. They will try to integrate Blockchain platform inB2B, B2C,
and financial business.
12
Copyright © Blockchain Council www.blockchain-council.org
Better performance- When it comes to speed of transaction in Quorum then it is
far more superior than its contemporaries. As per the development team, the
system can easily suffice more than 100 transactions per second which are higher
than Bitcoin and Ethereum. Thus, making Quorum the preferable choice for the
banking and other financial institutions. The reason for such high speed is its
simple consensus mechanism which allows quicker transactions.
.Learn more about Blockchain
13
Copyright © Blockchain Council www.blockchain-council.org
Take Away
If we consider all the features of Quorum, then it’s an excellent tool for the banking
companies. Although it works with the restrictive mechanism, this diminishes the
trust issues which the banking and financial institutions have when it comes to
implementing blockchain.
14
Copyright © Blockchain Council www.blockchain-council.org
Blockchain Council Certifications
You can check out our certifications, and kick start your career in the Blockchain
space today.
● Certified Blockchain Expert
● Certified Blockchain Expertv2
● Certified Blockchain Developer
● Certified Smart Contract Developer
● Certified Solidity Developer
● Certified Ethereum Developer
15
THANK YOU!
Any questions?
You can mail us at
hello@blockchain-council.org
Copyright © Blockchain Council www.blockchain-council.org 16

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JP Morgan's Private Blockchain Quorum Explained

  • 1. Copyright © Blockchain Council www.blockchain-council.org 1
  • 2. Copyright © Blockchain Council www.blockchain-council.org What is Quorum Blockchain? Blockchain or DLT (Distributed Ledger Technology) is one of the major transformations that we have seen recently in the field of technology. Being one of the most multifaceted and universal technology, it has managed to garner the attention of many businesses around the world. Although, Blockchain now finds application in myriads of the field usage in the financial sector remains the most conventional and popular one. 2
  • 3. Copyright © Blockchain Council www.blockchain-council.org In this blog, I will be highlighting the latest development in blockchain in the financial sector. We are talking about Quorum. This is the most recent development which JP Morgan is bringing to the financial industry. The inclination of big banks towards blockchain technology is unhidden. J.P. Morgan Chase has taken the initiative in this direction; it is one of the leading investment banks in the world. JP Morgan along with Ethereum Enterprise Alliance has come up with Quorum. It is a private blockchain which will be working as the bank’s new brain. 3
  • 4. Copyright © Blockchain Council www.blockchain-council.org Why there is a need to develop such a system? When we talk about Blockchain and its implementation in the financial or other sectors, then there are a few concern which bothers us. Issues like control of information, complete public transparency and access are a few concerns that banking and other financial institutions have when it comes to the blockchain. Although, blockchain offers features like immutability and easy traceability when it comes to the traditional banking system than relying on a system where the entire data would be visible to the public is bothersome. Apart from this, the threat of exposure to smart contracts is something which also concerns these organizations. 4
  • 5. Copyright © Blockchain Council www.blockchain-council.org Well, Quorum is a move in this direction. JP Morgan has developed this with an intent to clarify all the apprehension surrounding the use of blockchain as a part of the mainstream financial transaction system. Another reason for the development of Quorum is to seal the gaps that blockchain has and to come up with a reliable and trustworthy blockchain platform. 5
  • 6. Copyright © Blockchain Council www.blockchain-council.org What is Quorum? As mentioned above, Quorum is an Ethereum based DLT. The objective behind this to provide a permissioned implementation of Ethereum which supports transactions and contract privacy. The functioning of Quorum is similar to Ethereum but with a few differences. Here is how Quorum is different from Ethereum blockchain : 6
  • 7. Copyright © Blockchain Council www.blockchain-council.org Network and peer permissions management · Enhanced transaction and contract privacy · Voting-based consensus mechanisms · Better performance 7
  • 8. Copyright © Blockchain Council www.blockchain-council.org Let’s analyse these factors:- Network and peer permissions management- When it comes to one of the remarkable features of Quorum then you must know that it is a permissioned system which means that the Quorum network won’t be open to all. Only the validated and authorised people can be a part of this network. Quorum has a permissioned chain of people in the system; the exchange takes place between participants who are pre-approved by a designated authority. 8
  • 9. Copyright © Blockchain Council www.blockchain-council.org Enhanced transaction and contract privacy– One of the key feature that banks look at is confidentiality of data. Well, the current technology of Blockchain or Ethereum that we use fail to give a complete guarantee of security of data. Since visibility and ease of accessibility is one, the key aspect of Blockchain, the banking and financial institutions restrain from using this technology. When it comes to Quorum, then its permissioned nature makes it a favourable concept. 9
  • 10. Copyright © Blockchain Council www.blockchain-council.org It introduces the concept of public and private transactions. The open transactions are similar to Ethereum but when it comes to the private transaction then it is confidential, and the data is not exposed to the public. One of the key features which make the Quorum superior to Ethereum or other blockchain platforms is Constellation. It is one of the important features of Quorum. It secures the messages by enslaving it. In this enclave, there are previous transactions authenticity and authentications. Most of the cryptographically-heavy work relay within it, thus making it a secure and safe mechanism. 10
  • 11. Copyright © Blockchain Council www.blockchain-council.org Voting-based consensus mechanisms- Unlike another blockchain mechanism. Quorum is based on voting consensus mechanism which is also known as QuorumChain. The functioning of this consensus mechanism is very simple; it delegates voting rights to others. To assign voting rights, Quorum Chain makes use of the smart contract. It not only assigns the voting rights but at the same time, it also tracks the status of all the voting nodes. Quorum transactions include: · Global Transaction Hash · Public State root hash · Block maker’s signature 11
  • 12. Copyright © Blockchain Council www.blockchain-council.org Many Chinese Internet companies have established a Blockchain laboratory in 2017. The objective of these laboratories is to identify the use of Blockchain and its application in real life. They will try to integrate Blockchain platform inB2B, B2C, and financial business. 12
  • 13. Copyright © Blockchain Council www.blockchain-council.org Better performance- When it comes to speed of transaction in Quorum then it is far more superior than its contemporaries. As per the development team, the system can easily suffice more than 100 transactions per second which are higher than Bitcoin and Ethereum. Thus, making Quorum the preferable choice for the banking and other financial institutions. The reason for such high speed is its simple consensus mechanism which allows quicker transactions. .Learn more about Blockchain 13
  • 14. Copyright © Blockchain Council www.blockchain-council.org Take Away If we consider all the features of Quorum, then it’s an excellent tool for the banking companies. Although it works with the restrictive mechanism, this diminishes the trust issues which the banking and financial institutions have when it comes to implementing blockchain. 14
  • 15. Copyright © Blockchain Council www.blockchain-council.org Blockchain Council Certifications You can check out our certifications, and kick start your career in the Blockchain space today. ● Certified Blockchain Expert ● Certified Blockchain Expertv2 ● Certified Blockchain Developer ● Certified Smart Contract Developer ● Certified Solidity Developer ● Certified Ethereum Developer 15
  • 16. THANK YOU! Any questions? You can mail us at hello@blockchain-council.org Copyright © Blockchain Council www.blockchain-council.org 16