Bank and Tech Giants Unite to Form Enterprise Ethereum Alliance A group of more than thirty of the largest banks and technology companies have come together to form a new consortium focused on developing an Ethereum blockchain system that can be used by the finance industry.The Enterprise Ethereum Alliance was formed in December, and formally launched this week at a summit in Brooklyn, New York.Members include banking giants like JP Morgan Chase and Santander, as well as leading technology companies like Microsoft and Intel.UBS, ING, Credit Suisse, BNP Paribas, and Cisco are but a few of the other well-known names involved in the initiative.Academic group IC3 is also participating in the project.The alliance is reportedly relying on JP Morgan to provide the blockchain code for its project, using the bank’s Quorum code that reportedly includes enhanced privacy and other advanced features.Work on Quorum began last year, and was designed to provide financial savings by eliminating the costs related to third-party transaction oversight Group members have committed to collaborating to develop solutions that facilitate inter-bank payments, post-trade settlement, and tracking systems for supply chain management.

The alliance plans to launch a viable prototype of its system - EntEth 1.0 - sometime later this year.The views expressed by the authors on this site do not necessarily represent the views of DCEBrief or the management team.Subscribe to Our Newsletter Keep up to date with the latest from DCEBrief SubscribeQuorum™ is an enterprise-focused version of Ethereum.Quorum is ideal for any application requiring high speed and high throughput processing of private transactions within a permissioned group of known participants.Quorum addresses specific challenges to blockchain technology adoption within the financial industry, and beyond.Privacy & Transparency Performance & Throughput Permission & Governance Quorum supports both transaction-level privacy and network-wide transparency, customizable to business requirements more info X Quorum supports both transaction-level privacy and network-wide transparency, customizable to business requirements All public and private smart contracts and overall system state derived from a single, shared, complete blockchain of transactions validated by every node in the network.

Private smart contract state is known to and validated by only parties to the contract and approved third parties, like regulators.Smart contracts written for an existing Ethereum implementation remain network-transparent on Quorum out of the box.Enhancing many existing smart contract designs to meet privacy requirements is simple and straightforward Quorum supports institutional transaction volumes more info X Quorum supports institutional transaction volumes Quorum networks process dozens to hundreds of transactions per second, depending on how the network and smart contracts are configured.Further optimization is ongoing.Rather than proof-of-work (mining), Quorum uses the vote-based QuorumChain consensus algorithm.Quorum supports blockchain transactions among a permissioned group of known participants more info X Quorum supports blockchain transactions among a permissioned group of known participants In the initial release, permissioning is manually managed, though planned updates include smart contract based governance tools that allow an agreed upon entity to maintain operational control and enforce cybersecurity best practices.

Transaction validation and block creation is distributed throughout the network.Advancing Blockchain Technology X PLAY VIDEO PLAY VIDEO Why Quorum?The core innovation of blockchain is digital trust, provable and intrinsic to the system without reliance on an external authority.bitcoin brothers berlinSimilarly, open source code can be transparently vetted and validated to ensure it does exactly what it says it does.reddit bitcoin trading botWhile signature validation in a permissioned network adds a peace of mind not present in anonymous networks, Quorum doesn’t compromise on distributed block validation, creation, or a single chain architecture.litecoin supplyIt’s the best of both worlds.bitcoin hourly rate

Open source code invites collaboration and grows more robust through inclusion of diverse perspectives.Quorum is GPL/LGPL licensed, just like Ethereum.This ensures that the platform will be free to use in perpetuity and encourages experimentation.Quorum is designed to develop and evolve alongside Ethereum.bitcoin etf voteBecause it only minimally modifies Ethereum’s core, Quorum is able to incorporate the majority of Ethereum updates quickly and seamlessly.bitcoin usd yahoo financeWe will continue to release planned features and welcome public contributions.See the For Developers section for more information.In the Press Wall Street Journal: JPMorgan Chase, led by CEO Jamie Dimon, is building a new system based on the Ethereum platform TELIS DEMOS, 3 OCTOBER 2016 “The hope among Quorum’s developers is that blockchain can solve some of banks’ most intractable problems by replacing a web of connected databases with a single, shared, immutable record of transactions.

The problems targeted include long and expensive settlement times, system breakdowns and lack of clarity about risk exposure.” Fortune: Why J.P.Morgan Chase Is Building a Blockchain on Ethereum ROBERT HACKETT, 4 OCTOBER 2016 "The idea is to satisfy regulators who need seamless access to financial goings-on, while protecting the privacy of parties that don’t wish to reveal their identities nor the details of their transactions" For Developers Quorum™ - Blockchain platform Quorum provides private smart contract execution and enterprise grade performance with single blockchain architecture Cakeshop™ - Software Development Kit (SDK) Cakeshop provides an easy to use graphic interface for working with Quorum networks, smart contracts, and APIs Quorum Whitepaper Detailed Quorum Information Introduction to Quorum architecture (as presented to Hyperledger Technical Steering Committee 9/22/2016) Contact Us Learn More Have questions?