JPMorgan has uploaded the code for its private, Ethereum-inspired blockchain code to popular code repository Github. Quorum, which JPMorgan calls a “permissioned implementation of Ethereum supporting data privacy,” is essentially a blockchain focused for enterprise use.
JPMorgan promises “high speed and high throughput” processing of private transactions. “Quorum addresses specific challenges to blockchain technology adoption within the financial industry, and beyond.”
This distributed ledger, perhaps most interestingly, proposes a new consensus mechanisms, QuorumChain, which is “based on majority voting” and features Constellation, “a peer-to-peer encrypted message exchange.” JPMorgan doesn’t exactly see Quorum has competition to Ethereum.
“Quorum is designed to develop and evolve alongside Ethereum,” the U.S.’s largest bank by assets writes. “Because it only minimally modifies Ethereum’s core, Quorum is able to incorporate the majority of Ethereum updates quickly and seamlessly.” JP Morgan open-sourced the distributed ledger.
“J.P. Morgan has long used open source software and we are excited to have this opportunity to give back to the community,” says Lori Beer, Chief Information Officer, JP Morgan Corporate and Investment Bank. “Quorum is a collaborative effort and we look forward to partnering with technologists around the world to advance the state of the art for distributed ledger technology.”
Any blockchain developer can make suggestions to change the Quorum codebase.