Quorum is an Ethereum focused Blockchain technology, one of the first domains it aims to revolutionize is Finance . Enterprises can take full advantage of the fact that it is open source and bring the best out of the Quorum blockchain platform. However, it’s usage is not confined to the finance industry only.Talk to Our Experts
Finance sector requires a specific type of type of Blockchain that facilitates faster transactions, high-throughput, confidence, trust, transparency, privacy and easy p2p interaction. JP Morgan understood that and worked towards a Blockchain that will benefit finance industry. Quorum offers high-speed processing and performance while maintaining transaction details hidden. Quorum tries to build a blockchain solution that can cater to the needs of the financial industry .
Quorum understands it and hence offers both transaction-level privacy and network-wide transparency. These parameters are also not locked and can be customized by the business themselves. Smart contracts play a crucial role in the customization .
Quorum is fast and can handle hundreds of transactions per second a massive improvement over Ethereum and Bitcoin rates. The transaction speed can be configured according to smart contracts and the network configuration. With optimization, the number of transactions can be improved significantly .
As financial institutes are private, it was necessary to allow permission approach. Quorum does that and ensures proper transactions between a group of known permissioned participants. Governance can also be managed through a smart contract based tool. Quorum’s permissioned chain is a consortium blockchain; it is meant to be implemented between participants that are pre-approved by a designated authorit
Quorum’s consensus protocol is called QuorunChain and it is initiated with the genesis block, it is a simple, straightforward,voting protocol. A smart contract is used within the genesis block to assign voting rights and tracks the status of all voting nodes within the network as it updates.
As Quorum is based on top of Ethereum, it already inherits all the key properties of Ethereum blockchain. As Ethereum has gone through a lot of iterations, it automatically benefits and brings out a more mature blockchain that can be developed and evolved alongside Ethereum. Quorum has also planned to add new features and also welcome public contribution.