Quorum Blockchain

2022-03-17, 07:32

Blockchain technology allows you to develop and launch a series of applications.

One of those blockchain platforms that is multipurpose and versatile is “Quorum.”

Quorum is a blockchain protocol that you can use in a private and secured blockchain network.

Quorum operates a restricted protocol and requires every node to grant permission.

Data privacy and encryption of data during storage and transfer are peculiar to Quorum.

You can use the Quorum blockchain in several industries, including banking & finance, healthcare, supply chain, etc.

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If someone had predicted some decades ago that a central app developer cum technology would come to dominate the online space, a large number of people would have objected.

Today, blockchain technology has gained popularity in a short period due to its capability to serve multiple purposes across different sectors.

Over the years, developers have continued to leverage blockchain technology to create several platforms.

These blockchain platforms have evolved with consensus mechanisms and encryption methods.

One of the blockchain platforms that is widely accepted (in recent times) is Quorum.

Shall we dig into the complete details about Quorum? Let's get started.

What Is Quorum?

Image: Smart Degrees

Quorum is a blockchain platform and an open-source project that enables the implementation of Ethereum tailored to enterprise Blockchain networks.

The unique feature of Quorum that makes it stand out among other blockchain protocols is the private transaction identifier, and this feature ensures data privacy during transactions and exchanges.

Quorum is derived from Ethereum by modifying the Geth client. It is a private and secured blockchain network based on a fork of the Ethereum blockchain. Quorum is a blockchain protocol designed for use in a private and secure blockchain network. You can use Quorum, where all the nodes belong to a single member.

In another instance, you can use the Quorum protocol in a consortium blockchain network. That is, where multiple members come together to form a network, and each of them owns a portion.

Achieving consensus in the Quorum depends on a majority voting protocol called QuorumChain.

Quorum has continued to be the toast across several industries and supply chains. The continuous growth and update of the blockchain protocol alongside enterprise Ethereum make it a secure and restricted platform for several sectors. These industries include;

Some Industry Use Cases of Quorum

The following industries use the Quorum blockchain in their operations;

Banking and Finance Industries
The financial and banking institution is the most promising sector for using quorum blockchain. Quorum protocol enhances the use of blockchain in financial services.

The quorum system helps develop a ledger application or system for financial system audits. For example, the block ledger is a use case of Quorum in the financial sector.

The block ledger is a decentralized accounting ledger platform that leverages the quorum protocol through the blockchain (BaaS) approach.

The block ledger helps reconcile accounts, improve transparency, e-invoicing, helpful for credit and risk scoring.

Healthcare Sector
The foremost advantage of using the Quorum and other blockchain technology in the health sector is ensuring data security during transfer and storage.

The central quorum-based system in the health sector is Synaptic Health Alliance. The focus of Synaptic Health Alliance is to create a robust database for healthcare providers and ensure proper data management.

The use of quorum blockchain in Synaptic Health Alliance helps to improve data quality and reduce administrative costs.

The rate at which hackers breach health records is alarming. According to the HIPAA Journal, about 1,531,855 records were compromised in the health sector in 2020.

Therefore, the blockchain technology network is the best alternative to secure storage and ensure seamless transfer of these records.

Insurance Sector
When you leverage the functionality of quorum blockchain in the insurance sector, it helps in insurance claim subrogation.

This blockchain insurance claim subrogation network supports and accelerates auto-insurance claims payment.

One commonly used quorum platform in the insurance sector is State Farm. As a case used in insurance, State Farm usually leverages the functionalities of quorum blockchain and collaborates with a prominent insurer, the USAA.

The use of blockchain apps such as Quorum in the insurance sector has numerous benefits. It can help reduce the volume of exchanging checks alongside other paper-based processes between the two institutions.

Quorum blockchain technology usage in insurance ensures secure improvement and automation of manual processes that once characterized the sector.

Supply Chain
The use of blockchain applications in supply chain management continues to increase by the day.

Quorum blockchain supports supply chain management by tracking automated inventories and shipment tracking.

Quorum blockchain platform focuses on the verification of the authenticity of luxury goods.

One prominent blockchain app that helps in supply chain management is Eximchain. Eximchain is a blockchain protocol designed to ensure privacy across different supply chain applications.

Some notable brands that use Quorum in their supply chain management include Starbucks. Starbucks implements the quorum platform and the Azure Blockchain Service of Microsoft to track the production of coffee.

Conclusion

The use of blockchain technology platforms cut across various sectors. Developers of these systems and protocols are aware that these blockchain-powered apps provide maximum security and seamless data transfer.

The core feature of Quorum, one of the leading blockchain platforms, is that it uses cryptography to prevent unauthorized access to data and records in private transactions.

You can leverage the Quorum open-source protocol layer and integrate your business operation systems, whatever sector or business type.

The notable enterprises that use Quorum include Microsoft, JP Morgan Chase, Novartis, Cargill, HSBC, and a host of others.

Author: Valentine A., Gate.io Researcher
This article represents only the researcher's views and does not constitute any investment suggestions.
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