Blockchain is a popular emerging technology that has been making positive strides across the world for the last few years. The banking and finance sector was one of the early adopters of Blockchain technology when it was initially launched. However, Blockchain didn’t make the much-needed impact as it was supposed to. The reason being is that the first generation Blockchain was not that perfect, in spite of bringing novel ideas including decentralization, interoperability, peer-to-peer network, transparency, scalability, and so on. This could be the reason why many Blockchain researchers toiling day in and day out to improve the state of the Blockchain and instill confidence amongst finance and banking institutions across the world by improving the Quorum Blockchain.
What’s The Need for Quorum Blockchain Development
The banking and finance institutions were diffident with Blockchain technology owing to the several concerns associated with it such as public transparency, information control, and data access. The Quorum Blockchain was designed to overcome these critical challenges. Based on Ethereum, Quorum is an enterprise-focused Blockchain engineered to improve the Blockchain ecosystem as a whole. Not to mention, it is the brainchild of J. P. Morgan that would like to instill trust and confidence amongst financial institutions. Before you opt for Quorum blockchain development, it’s wise to know some of its salient features.
1. Better Privacy and Transparency
Privacy is one of the crucial aspects for financial institutions and Quorum Blockchain understands it well, thereby, it offers complete data confidentiality to transaction-level privacy. In other words, the details of private transactions won’t be revealed in the public. One thing that makes Quorum stand out from other Blockchain technology is the constellation, a robust mechanism that not only encrypts messages in an enclave but also stores data about preceding transactions.
2. Faster Performance
Another advantage of using Quorum over other Blockchain solutions is its high performance. You would be flabbergasted to know that Quorum can carry out hundreds of transactions every second, which is way higher than Ethereum and Bitcoin. Besides this, the transaction speed can be easily configured according to the network configuration and smart contracts. When you hire quorum developers for the optimization, the number of transactions and processing speed can be improved significantly making it ideal for banking institutions. Furthermore, Quorum leverages the Istanbul BFT consensus algorithm and QuorumChain RAFT consensus algorithm for better performance.
3. Better Governance and Improved Permissions
You might know that Quorum is a permissioned Blockchain, which means that networks using Quorum Blockchain won’t be exposed to all. The permissioned chain of Quorum will be incorporated end-to-end between a group of known participants that are pre-approved by an elected authority. This, in turn, adds a strong layer of security coupled with transparency since all the transactions won’t be performed without consent. Furthermore, the governance can also be delegated by using smart contract-based tools that are built by employing the best practices of cybersecurity.
4. Open Source in Nature
Another impressive feature of Quorum that makes it appealing to finance and banking institutions is its open-source nature. This simply means that it is available for free to use and anyone can make the most of its potential to bring out the best for their business. Although it is open-source in nature, the coveted features that make Quorum Blockchain a must-have for all banking and financial institutions include trust, maturity, and a strong community.
Quorum Blockchain offers a host of benefits to banking and financial institutions. Also, it plays a vital role in diminishing the trust issues that the financial sector has with Blockchain. If you are also planning to leverage the potential of Quorum, it’s wise to seek end-to-end consultation from a professional Quorum consulting company.