November 16, 2019 Hira Tariq

Private Blockchain Platforms You Should Know About

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Quorum:

Developed by J.P. Morgan, Quorum is an open-source digital ledger platform that combines Ethereum attributes with almost the same architecture as of a permissionless platform, but with more enhancements and advancements to meet enterprise needs. It is more like a permissioned implementation of Ethereum with more confidentiality, transaction and contract privacy. Like every other private Blockchain platform, Quorum has strict privacy constraints that do not broadcast the transaction data to the whole network but rather sends it to the participants involved in the transaction. It can perform hundreds of transactions in a second and the speed of transactions can be configured according to smart contracts and the network configuration. Quorum works on multiple voting-based consensus algorithms, that have a smart contract to govern over the process and who can partake in the consensus. Ethereum’s signature feature helps to validate signatures from the maker and voter nodes. Quorum was developed to make the financial industries adopt Blockchain technology in their processes. It manages its secure message transfers on a system called ‘Constellation’ that is not blockchain-specific but rather a general mechanism. It involves encryption of messages, storage of previous transactions, and authentications.

Some use case examples of Quorum:

  • Financial industries

Technicalities:

Quorum has its own smart contract language, Solidity. It works with various consensus algorithms according to your needs. Options are RAFT, IBFT or Clique POA. Unlike the rest of private Blockchain platforms, Quorum has its token, ‘Ether’. Quorum has a cloud feature cloud DRaaS that makes integration easier and more accessible for the end-user. It is a way to recover critical data from the cloud, directly after a system failure. You just have to boot up a snapshot and the recovery will happen in minutes instead of days.

Openchain:

Openchain is also an open-source DLT suited for organizations that want to secure and scale digital assets. It comes with an instant transaction confirmation property that makes it highly scalable. Each instance has one authority that validates transactions. Instances can connect to each other. Different authorities verify each transaction, depending on the assets exchanged. There is no mining fee in Openchain as there is no miner and the asset administrator directly validates the transactions. Openchain does not use the concept of blocks. But rather it connects the transactions into a chain. Validators on the network validate and store the digital transactions. The ones who are not part of the transaction, the observers, get a read-only copy of it to store. Anyone can join Openchain anonymously, as well as with identity, but the identified and approved users have more rights than the unknown users. An administrator can also define the rules of the ledger and can set permissions in the ledger at any stage. Openchain has an edge over other private Blockchain platforms, as it comes with a web wallet. The Openchain Wallet is an open-source web-based interface that runs in a browser as a client-side application. It can connect to one or many Openchain endpoints at the same time. It can pull and send transactions and information to multiple instances of Openchain.

Some use case examples of Openchain:

  • Automation of regulatory compliance
  • Inter-organizational data management

Technicalities:

Openchain works on a client-server model which is way more efficient than a peer-to-peer system architecture. It regulates on Proof of Elapsed Time consensus algorithm.

 

Multichain technology is a platform where you can create private Blockchain platforms within an organization or between organizations for financial transactions.  You can create assets, send and receive transactions, chains and blocks. Each Blockchain you create on Multichain is as open or as closed as you need. It enables multiple networks to execute on a single server, simultaneously. Multichain comes with an API and a command-line interface that helps in setting up the chain of network. Multichain is based on Bitcoin’s Blockchain. But you must configure the Multichain at every node, unlike Bitcoin where anyone can join the network and make transactions. The process of hand-shaking occurs when the nodes connect with each other. Multichain allows customers the management of the privacy of the chain, permissions, the block target time, block size and metadata. In Multichain, transaction fees and block rewards are null by default, but they can be customized, members can also be charged a yearly fee.

Some use cases of Multichain:

  • Asset ownership lifecycle
  • General immutable data storage

Technicalities:


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