Quorum is permissioned blockchain platform based on ethereum focussed on enterprises and specifically designed for the financial sector. Quorum Blockchain is built for the sharing and replication of data that is the common need for a financial enterprise. This is a layer on top of Ethereum enabling robust performance of private transactions with different consensus algorithms. The Quorum has increased performance than public Go-ethereum (Geth) protocol.
Quorum blockchain development services:
Quorum Blockchain Development
Quorum is an enterprise Blockchain that leverages Ethereum’s smart contract and other transactional capabilities. We build scalable dApps and blockchain powered solutions that take advantage of Quorum’s capabilities.
Permissioned Blockchain development
Permissioned blockchain development for enterprises focuses on creating a new generation of Highly secure blockchain powered platforms that limit access to those who are approved.
Supply chain Management development
Quorum Blockchain powered Supply Chain Management development involves developing a platform that tracks every stage of manufacturing to maintain quality, save cost & time.
Cross-Border Payments development
Cross-border payments platform enables transferring money across the world with Zero to low-cost transaction fees. Developing a platform on Quorum Blockchain enhances privacy and faster transactions.
Advantages of Quorum Blockchain
Speed of Settlement
Quorum offers faster transaction settlements compared to Ethereum and Bitcoin. Making it a preferred platform to build any Fintech product over it.
Privacy by Design
Enhanced privacy is a key feature of Quorum blockchain and dApps built over it can take advantage of the privacy it offers for the smart contracts and transactions done on the platform.
Quorum blockchain development of dApps involves a modular approach and each component on the Quorum blockchain is built to scale. As and when Quorum is updated, your dApps can be easily updated to take advantage of the latest features it has to offer.
Peer permission management
Peer permission management is an inbuilt feature of the blockchain and is easily invoked to create a permissioned network access capability to your dApp. Ensuring only trusted nodes have access to the network.
Quorum is capable of handling settlements as close to 100 confirmed transactions/second. As more and more improvements are made to the blockchain, the transaction rates are expected to increase.
Multiple Consensus mechanism
Quorum Blockchain introduces two new consensus mechanisms Istanbul BFT and Raft mechanism, instead of the regular, well-known Proof of stake and Proof of work mechanisms.
Applications of Quorum Blockchain Development:
EGovernance facilitates access to a variety of government services that the public can avail, check data and claim benefits through these services. Giving citizens access to crucial public data from different government department builds trust between the government and the citizens, which is essential to the country’s growth. Leveraging Quorum Blockchain’s immutability and privacy features
The secure Datalayer built over the Quorum blockchain can offer storage and access to eMedical Health Record and nationwide interoperability through an interoperable node between different blockchains. Quorum’s permissioned network feature could limit access to only known entities that are on it’s access list thereby taking care of data security.
Banking is one of the mission-critical use cases where hefty transactions need to go through within a short span of time than days. Traditionally, it would take days for cross-border payments, but Quorum’s high-speed transaction settlement capability can ensure that payments are settled quickly with low transaction fees. Innovations in banking technology and cross border payment systems can allow global travelers to use funds from their account to seamlessly convert to the local currency of the country they are visiting.
Asset Tokenization & Management:
Tokenized assets are the next big thing. In fact, Quorum was built by the bank JP Morgan to tokenize Gold bars. Ranging from real estate to liquidated assets, tokenizing of assets increases the revenue potential by opening up investment opportunity to billions of buyers worldwide who can invest in the asset free from regulatory and geographical barriers.
Loyalty program is a key growth factor for some businesses that look for repeat customers who can be incentivized for being a regular. Loyalty programs give a deep sense of brand engagement. Based on Quorum blockchain’s tokenized asset offering can help businesses create tokens that would be used to reward users. These tokens can increase in value depending on their utility and acceptance across different platforms. Our expert developers create tailored loyalty program software that harnesses Quorum blockchain’s capabilities to offer a seamless experience to your customers.
Key Factors in Quorum Blockchain Development
Ease of use
Emphasize is on the ease of use as the dApp’s flow developed needs to be quickly understood by the end user and it is critical to make the platform stand out.
While developing the quorum blockchain powered architecture for your business software, keeping in mind that newer features would be built in the future, our robust API layer would allow you to build features easily.
While developing products for consumers, detail-oriented design and adequate on-screen help are sufficiently provided so the users don’t get stuck.
While Quorum blockchain’s security is inbuilt, the dApp layer we build would be tested from threats that are well-known and information leakage. Security is a key aspect of our blockchain development.
Scalable infrastructure enhances the site’s experience. A key emphasize during the Quorum blockchain development would be to make the entire payment infrastructure scalable and modular in order to make future upgrades possible.
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