In a recent published presentation, J.P. Morgan announced its plan to build a private blockchain on Ethereum.
J.P. Morgan developed Quorum with EthLab, co-founded by Jeffery Wilcke, as a means to protect data. According to the presentation, Quorum is “a minimalistic fork of the Go Ethereum client.” The blockchain will be licensed under GPL/LGPL, a free software license which grants the financial company use of Ethereum’s source code. However, each application could receive a different license if needed.
Quorum is designed to handle dozens to hundreds of transactions per second as well as allow smart contracts to be validated by those within the contract. This operation for the private blockchain is possible due to four components. Quorum has a transaction manager who will authorize any encrypted data in private transactions to be accessible. The network manager will enable permissioned networks and control its access. Crypto Enclave will be used for private key management. The last component is the Quorumchain that will promote “core Ethereum features to verify and propagate votes through the network.”
J.P. Morgan is currently working on the next steps to move the project forward. Some of the plans include developing an open source codebase for the Quorum platform and collaborating with others for constructive feedback.
**This is a developing project. We will provide updates when more information is publicized.**