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New Normal, Digital Transformation, Industry 4.0

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Privacy and Blockchain

8 August 2021   |   Blockchain, Emerging Tech

With Digital transformation is around the corner in almost all businesses, personal and transactional data has become one of the most significant economic assets. As more and more data generates, it throws considerable privacy and safety challenges. In such a scenario of decentralised data, maintaining data privacy and safety becomes prime importance.

In our continuous series, we will address the newer and evolving dimension of Blockchain protocols and platforms.

The Idea of Quorum Blockchain, begins at the end of 2015. JP Morgan Chase created Quorum beginning of the year 2016. The Idea of Quoram is stated for a client that works for Ethereum. In the beginning, Quoram was on the Ethereum network created as a fork of GAS. GAS is fuel for the Ethereum network to work. (Gas refers to the unit that measures the amount of computational effort required to execute specific operations on the Ethereum network). The most significant focus was to look into enterprise solutions. Later in 2017, it became the 1st use case when a pilot started by JP Morgan using Quorum; JP Morgan has access to IIN (Interbank Information Network), Which has 330 banks in its network JP Morgan.

Launched initially as a pilot in 2017, IIN focused on minimising friction in the global payments process, enabling payments to reach beneficiaries faster and with fewer steps. J.P. Morgan is exploring new applications that can be deployed across the network and empowering IIN participant banks to be part of a developer ecosystem to develop their solutions for possible use across the network.

In Aug 2020, ConsenSys acquired Quorum under the umbrella of Quorum ConsenSys offers two main projects GoQuorum enterprise client and Hyperledger Besu.

GoQuorum is an open-source Ethereum client developed under the LGPL* license and written in Go. GoQuorum is an Ethereum-based protocol that runs private, permissioned networks. GoQuorum implements Proof of Authority (Raft, IBFT, and Clique) consensus mechanisms.

Hyperledger Besu is an open-source Ethereum client developed under the Apache 2.0 license and written in Java. It runs on the Ethereum public, private, and test networks such as Rinkeby, Ropsten, and Görli. Besu implements consensus mechanisms for Proof of Work (Ethash) and Proof of Authority (IBFT 2.0, Clique, and QBFT).

Besu Can be used to develop enterprise applications requiring secure, high-performance transaction processing in a private network.

Besu supports enterprise features, including privacy and permissions.

The most significant benefit in Quorum is that of Private Transactions. This is Important as in a Blockchain solution in an environment in a bank or an enterprise, personal information and privacy matter. This is a private transaction to create a private transaction over Ethereum network Quorum has Tessera module.

Tessera is an open-source private transaction manager developed under the Apache 2.0 license and written in Java. The primary application of Tessera is as the privacy manager for privacy-enabled Ethereum clients such as GoQuorum and Hyperledger Besu.

Tessera has two different foot modules 1. Enclave and 2. Transaction Manager.

Enclave is responsible for all Encryption and decryption operations required by the transaction manager and Key management.

Separating enclave responsibilities from the transaction manager prevents sensitive data from leaking into areas of program memory that don’t require access. This reduces the potential impact of malicious attacks.

Transaction manager where all transactions are validated, communication between different peers are established and exchanged.

Consensus: Quorum also implements two different types of consensuses, Raft-Based which is meant for faster block time and on-demand block creation and better transaction finality, and Istanbul BFT, which is a three-phase consensus, for better fault tolerance and self-verifiable blocks. IBFT is an implementation of the Practical Byzantine Fault Tolerance algorithm with modifications. Practical Byzantine Fault Tolerance (PBFT) also improves the robustness and performance by directing peer-to-peer messages with minimal latency.

Privacy: Quorum is designed to be deployed as a permissioned network with additional privacy features. The basic design of Quorum features the following two elements,

TRS01 multi-chain capabilities and adoption: As the adoption of blockchain technology continues to edge further, significant companies are applying and testing several different use cases. A growing chorus of companies and individuals cite the benefits of blockchain technology, such as increased visibility, security, scale, speed and its significant implications to various industries. On this pursuit, the TRST01 blockchain platform offers secure, trust and transparent transactions by generating unique Blockchain integrated dynamic QR codes. Any Industry use case gets connected with the TRST01 platform through a secured API engine.

Conclusion: TRST01, as a team on embarkment of this platform-oriented approach, is very much focused on developing Interoperability between various blockchains developed for cross-platform functionality. The increased demand for different solutions has led PATHWAYS to develop other DLT platforms, such as Quorum, Corda, Hyperledger, etc., for future implementation and integration functionalities. TRST01 is determined to explore various industries’ use-cases, i.e., analysed and developed in other DLT platforms such as Hyperledger Fabric, Corda, Quorum, and many more. TRST01 platform is always built on the principle of Blockchain Agnostic, Interoperability and offers to choose use any blockchain protocol, not restraining a company’s right to choose and be flexible.

mail us journey@trst01.com

Footnote

*The GNU Lesser General Public License (LGPL) is a free software license published by the Free Software Foundation (FSF). The license allows developers and companies to use and integrate a software component released under the LGPL into their own (even proprietary) software without being required by the terms of a strong copyleft license to release the source code of their own components.

Reference

https://www.jpmorgan.com/insights/technology/news/iin-grows-to-300

https://docs.tessera.consensys.net/Concepts/Enclave/

https://en.wikipedia.org/wiki/GNU_Lesser_General_Public_License

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