What is Quorum Blockchain?

Quorum is an open source blockchain protocol that was created for usage in a private blockchain network, in which a single member owns all of the nodes, or a consortium blockchain network, in which many members each own a piece of the network. It is usual in an Enterprise blockchain network for some data to be unavailable to all participants.

Quorum is a concept that allows participants to communicate encrypted data securely and keep it privately in an enclave with only those participants who are authorised to access it. Check with our Quorum blockchain experts to see if it is apt for your business.

Why Choose Quorum for your Project?

Components of Quorum Blockchain

Quorum is an open-source project that any developer could contribute with. It is based on one of the first Ethereum implementations. Take a look at the primary components that a Quorum network has:

Permissions Management

Permissions Management

It is a permissioned system, the network won’t be open to all. Only the validated and authorized users can be a part. the exchange takes place between a pre-approved permissioned chain of people in Quorum.

Private & Public Transactions

Private & Public Transactions

Quorum can guarantee the confidentiality of data with the concept of both public and private transactions. The open transactions take place similar to Ethereum but private transactions are confidential thus the data is not exposed to the public.

Constellation

Constellation

Quorum’s Constellation feature secures the messages by enslaving them. This enclave includes previous transactions' authenticity and authentications. It is a secure and safe mechanism since most of the workload on the network relay on it.

Components of Quorum Blockchain
Voting-based Consensus Mechanisms

Voting-based Consensus Mechanisms

Quorum is based on QuorumChain, its voting consensus mechanism. With a help of smart contract, it assigns voting rights and tracks the status of voting nodes.

Better Performance

Better Performance

Transaction speed in Quorum is more than 100 transactions per second. Thus, making Quorum an apt choice for banking and other financial institutions. Its simple consensus mechanism allows for quicker transactions.

Database Segmentation

Database Segmentation

Quorum architecture relies on state database segmentation. This is divided into public or private state databases. This offers benefits of immutability while offering cryptographic security enabled through the complete replication throughout all nodes.

Benefits of Quorum Blockchain

Basic functionality of Quorum and its popularity in the enterprise landscape gives the perfect blockchain for your project. See what benefits that it offers.

Performance

Performance

Quorum is quicker than other blockchain platforms in terms of performance. It can process about 150 transactions per second. This is due to the quorum's uncomplicated consensus mechanism.

Permission Management

Permission Management

It restricts participation to a specified set of nodes that must be provided in order to join the blockchain network, therefore it is not open to everyone and is only used by participants who have been pre-approved by a recognized authority.

Elimination of Transaction Pricing

Elimination of Transaction Pricing

It did away with the idea of utilising gas to add cost to a transaction. On the quorum network, there are no monetary expenses connected with processing transactions.

Better Privacy

Better Privacy

Quorum enables for both public and private blockchain transactions. Private transactions are not similar to those observed on other blockchains, but open transactions are.

Assets Management

Assets Management

It enables a company to produce, manage, and distribute digital assets without the involvement of a third party. This offers the owner control over how their assets are managed.

Open Source

Open Source

Quorum is an open-source project with over 300 active people working on its development.

Why Choose Quorum for Blockchain Development?

We have curated few parameters for you to match with your Blockchain project development, See if Quorum is the right choice for your project.

Parameters

Public

Private

Consortium

Anonymous

Speed

Avg Gas Fee

Interoperable

Native Token Support

Value

No

Yes

Yes

Yes

2000 TPS

0$

Yes

No

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Use Cases of Quorum Blockchain

The characteristics of Quorum and its fundamental design tenet indicate the possibility of several beneficial use cases for Quorum.

Banking & Finance

Banking & Finance

For auditing financial transactions Quorum can help in developing a ledger system. Through the addition of hash, it rationalizes debtors and creditors on the blockchain.

Insurance

Insurance

Quorum can ensure secure improvement and automation of processes and additionally aid faster money transactions to members and customers of an application.

Healthcare

Healthcare

Quorum blockchain helps in healthcare provider data management. It can ensure seamless data movement and improve the security of data.

Digital Identity

Digital Identity

Quorum can help users to link a digital representation of ID details with a digital ID wallet on their mobile phones. Quorum adds an additional layer of security for the ID wallet.

Media & Entertainment

Media & Entertainment

Quorum can be used for streamlining rights management. Xbox Video Game Royalties hopes to leverage blockchain capabilities to reduce the processing time while providing faster tracking of royalties for its royalty management process.

Travel & Hospitality

Travel & Hospitality

EMR is a platform for rewarding customers for business referrals and loyalty. EMR tokens can be redeemed for malls, real estate, e-commerce operations, and hotels of Emaar.

FAQs

Here are answers to some questions about Quorum that our clients frequently ask. Drop us a word if the answers to your concerns or doubts aren't listed here. We'll get to you within 24 hours.