JPMorgan’s Quorum Adds New Algorithm

Announcements, Blockchain, FinTech, Innovation | July 6, 2017 By:

Blockchain developer AMIS Technologies has released a new tool that reduces the complexity and energy consumption of verifying transactions made on the blockchain.

Called Istanbul BFT (Byzantine Fault Tolerance) Consensus Algorithm, the new tool claims to reduce the complexity and energy consumption of verifying transactions, compared with conventional blockchains that use “proof of work” methods.

The company said that the new tool will be incorporated into J.P. Morgan‘s private, ethereum-based platform Quorum in order to help meet the needs of JPMorgan for high throughput processing with the help of blockchain technology.

AMIS said the tool will make Quorum more accessible to institutional users by introducing PBFT, which can scale to their needs by handling a greater transaction load, providing yet another choice for users alongside tools like QuorumChain and Raft.

Go-ethereum (geth) client’s pluggable consensus engine, a model that is adaptable to different consensus protocols, makes it possible to join the PBFT protocols alongside Proof-of-Authority consensus, allowing for wide adoption among various application scenarios with differing practical needs.

The tool will also enhance the efficiency of exchanging messages on the existing ethereum structure that will, in-turn, make the blockchain system an infrastructure for the worldwide financial web.

“We’re honored to be able to contribute our PBFT implementation to J.P. Morgan’s industry-leading Quorum platform,” AMIS CEO Alex Liu. “Having financial institutions as our primary customers meant we had to design from day one with their requirements in mind. J.P. Morgan shares many of these requirements and recognized the value of adding an enterprise-grade PBFT implementation to their ethereum-based platform.”