Preface – This post is part of the Blockchain Basics series.
Table of Contents
Quorum is a private and permissioned blockchain developed on top of Go and Ethereum technology mainly for Enterprise based solution. An Ethereum is a decentralized platform which is used to run smart contracts. In this Quorum Introduction we will explore more about it.
Quorum has its Whitepaper published here. Apart from Quorum Introduction, it discusses the core architecture and end to end implementation of Quorum technology.
How Quorum Works
Quorum Application are based on three layered structure. The initial layer is the go-Ethereum where all the transaction happens. The second layer is of Quorum where all the logics are implemented which also includes Transaction Manager, Crypto Enclave, consensus and network manager. The last layer includes the distributed blockchain applications.
Quorum Use Cases
With its permissioned blockchain paradigm, Quorum can be implemented easily in given use cases:
- Financial Applications
To ensure the transactions between two parties and two financial institutions are secure, private and not revealed to any other financial institutions, then implementing it via a permissioned network like Quorum is a right decision. Quorum supports both client privacy as well as meet legal and regularity requirements.
- Payment Applications
To implement payment across various parties based on various pre-defined conditions might include the implementation of smart contracts. The use of Quorum network helps us to implement the transaction on a common protocol.
Merits of Quorum Blockchain
Following are the merits of Quorum blockchain:
- Private and Permissioned Network
- Alternative Consensus Mechanism
- Peer permissioning
- Higher performance
Demerits of Quorum Blockchain
Following are the demerits of Quorum blockchain:
- Questionable affair for many companies