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Mike Farabow
Mike Farabow

JP Morgan, Microsoft Launch Quorum Blockchain Service

Since launching in 2015, Hyperledger Fabric has been a top choice for enterprises looking to build apps on permissioned blockchain networks. The modular architecture is capable of powering large-scale applications that require enterprise-grade data security.

JP Morgan, Microsoft Launch Quorum Blockchain Service

In its early days, the company was focused on launching new products. For example, ConsenSys began working with the data management firm Amalto to create an automated, blockchain-powered, ticket-based order system for the oil and gas industry in June 2018.[3] ConsenSys also launched Tachyon, an Ethereum-focused startup accelerator program to help open-source software, social impact, and general Ethereum startups receive education and seed funding to develop applications on the Ethereum blockchain in 2018.[4] Tachyon has been re-released twice since then, the most recent iteration launching in 2019.[5]

Rakesh Mohan, IBM director of development for blockchain solutions, said the company has seen significant progress in financial services and banking, as well as supply chain. Some examples of successful blockchain apps include IBM Food Trust, which has completed more than 18 million transactions representing more than 17,000 products, and Blockchain Community Initiative in Thailand, which supports services such as payment obligations and enterprise auctions for 22 Thai banks.

The EOSIO blockchain platform was first launched as an open source project in 2018. It's optimized for developing decentralized applications and smart contracts. It uses a complex consensus mechanism based on PoS that provides better performance than older mechanisms, such as Ethereum, according to its proponents. It also includes support for a governance feature for voting on changes to the platform.

Quorum is a customized version of Ethereum developed by financial services company JPMorgan. It takes advantage of the core work on the Ethereum blockchain platform and repackages it into a hardened environment suitable for banks. It has been optimized to support high-speed transactions between institutions, such as banks and insurance companies on a private network. It also adds various privacy enhancements to Ethereum to improve support for regulations such as GDPR in Europe and CCPA in California.

ConsenSys bought the Quorum platform's intellectual property assets from JPMorgan in late 2021 and integrated these into its own work to create the ConsenSys Quorum open source protocol layer. ConsenSys has positioned this offering as a way for enterprises to accelerate development of enterprise applications that complement other Ethereum-based tools. The firm provides development services for the combined platform to enterprise customers, including JPMorgan and South African Reserve Bank. In July 2022, it launched the Quorum Blockchain Service on Microsoft Azure as a fully managed service to help simplify enterprise deployments.




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