blockchain in web 3.0

Enterprise blockchain and intro to quorum blockchain-

Hammad Ali

-

August 25, 2022

These factors are the core blocks for the private network. Any enterprise doesn’t want to show their transactions to everyone. And regarding performance, the network should be scalable and fast. Sharing transaction to only permissioned entities is the mandatory feature of the private network.

The blockchain cannot be described just as a revolution. It is a tsunami-like phenomenon, slowly advancing and gradually enveloping everything along its way by the force of its progression.

William Mougayar

These were the demands of the private network blockchain that are achieved by the quorum. Quorum is perfectly aligned with all of these requirements and let see its advantages over the go ethereum. 

Key Enhancement over the go Ethereum: – 

Transaction Privacy 

Multiple Consensus Mechanisms 

Peer Permissioning

High Performance

 

Use Cases: 

Since quorum blockchain is designed for the enterprises to meet their needs. The important use case of the quorum blockchain is in the enterprises. In the enterprise, their need for the transaction is private, permissioned and fast which is fulfil by the quorum blockchain. Moreover, the quorum blockchain can be used where there is need of blockchain. It only provides some enhancement over the GoEthereum so it’s use cases are not limited. The important use cases of the quorum are: 

Interbank Transactions 

With the passage of time and innovation of the blockchain, banks are also moving towards the blockchain and were facing some issues of privacy and scalability. Interbank transaction is more costly as well as not fast. Quorum helps in solving this problem and this can be a good use case for quorum.  

Enterprises 

Quorum was purely designed for the enterprises to fulfil their needs. Within the enterprises, there is need of the private and fast transaction. Quorum helps in solving this  problem and increase the demand of the blockchain.  

There are many other use cases of the quorum blockchain. 

Quorum Architecture: -

Quorum Blockchain | Quorum Architecture | Block 360

This diagram shows the high-level overview of the architecture of the quorum. It consists of three major portions: 

Quorum Node 

Transaction Manager 

Enclave 

Transaction lifecycle: – 

Let’s understand the quorum architecture by a scenario 

Quorum Blockchain | Block360

In this scenario, Party A and Party B are the part of the transaction AB while C is not included in this tx. 

Part A sends a Transaction Quorum Node A with the payload and setting privateFor to be the public keys for parties A and B. 

Quorum Node A pass that transaction to the Transaction Manager, requesting that it encrypt and store the transaction payload before forwarding it to the recipients of the transaction. 

Transaction manager of A will request Enclave to encrypt the payload for the given recipients.  

Enclave of party A encrypts the private tx payload by:  

  Generating a symmetric key(tx-key) and two random nonces. 

Encrypting the tx payload with the tx-key and one of the nonce. 

Encrypt the tx-key separately for each recipient by: 

Sender’s Private key and Receiver Public key and get shared-key. 

Encrypt the shared-key with tx-key and the other nonce. 

Repeat for all the recipients. 

Return this to transaction manager 

Transaction manager store the response from the enclave and forwards to the private transaction recipients  

After that, the transaction manager of the party A send the encrypted payload to the GoQuorum Node and it will replace the data field of the transaction with that hash.  

Then tx is propagated to the network. 

The block containing tx AB is distributed to each GoQuorum node. 

Each GoQuorum will process that transaction and the transaction manager determine whether this node included in that transaction. 

Tx Manager of A&B are part of the transaction so they make a call to the enclave to decrypt the payload 

Party A&B’s enclaves decrypt the private tx. 

The transaction manager’s return their result to their GoQuorum Nodes. 

Conclusion: 

With the evolution of the blockchain industry, the need of the enterprise level blockchain will also be increased. And this need is fulfilled by the quorum blockchain. From the performance perspective, the quorum blockchain’s consensus algorithm is pluggable which effects its performance in term of throughput. So, the use case decides which consensus algorithm should we use but the performance will be enough to fulfil the need of enterprise. Quorum blockchain is a good solution to be used in the enterprise. 

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