Why JP Morgan will block chain built in Ethernet square?
JP Morgan is developing a build in encrypted network (Ethernet Square) blocks on the chain, the chain block is often referred to as the public ledger.
The block chain system called “Quorum”, the design concept is to establish contact with the public and private data in the field of derivatives and payment. It can not only meet the needs of real-time access to financial services regulators demand, also can protect the public does not want to disclose the identity of the parties involved in the transaction details or information privacy.
JP Morgan blockchain for AmberBaldet in a Hyperledger (super books: the branch project, the Linux foundation to study block chain technology) Technology Steering Committee meeting on the project, she said the team has chosen the etheric square, despite the recent full of challenges, alluding to the recent hacking incident may, because it has been in existence for a long time, this is also very familiar with the bank.
Different from the open to all bitcoin, anyone with a computer will be able to participate in the network, nodes running Quorum must have some higher authority permission to join the party. Many bankers believe that the gateway can prevent damage or malicious operators to enter the system. At the same time, critics argue, is the main advantage of licensing type block chain block chain: can make participants had interactive distrust.
In practice, Morgan Quorum is a modified version of the GoEthereum client, this is a very popular software project, support Ethernet network workshop. Quorum to the latest consensus mechanism is characteristic, this is the command of a different computer on the network transaction and the legitimacy of the consensus, the creators of Quorum is JeffreyWilcke, he is the founder and developer of the etheric Fang Go client.
In fact, Quorum in a single block chain with two consensus layer, which means that there are two ways to reach a consensus on transaction records, these records are stored in a distributed database, or called a block chain. The first verification of public data, second verification of private data.
JP Morgan and investment banking group of the person in charge of the project DavidVoell in Hyperledger shows that:
“We can make full use of the two consensus layer.”
This technique can be used to encrypt the data exchange, hash, and can simplify the data, and then encrypted to conceal the true version of the content. He said, public data and private data reside in the block chain, but the individual data analysis.
“The whole thing is a separate block chain, everyone can constantly check their integrity. But there are still between public data and private data clearly limits.”
The use of online GoogleDrive slides, put forward the system as a “license type Ethernet implementation workshop version, support for data privacy.”
Since banks are touting the blockchain technology can reduce the cost, to rectify the background information technology function.
JP Morgan also study a project called Juno, which is another distributed books, emphasized in the design of scalable. At the same time, many companies are building private chain, including R3, Chain and digital asset holdings.
Baldet of the “Wall Street journal” said:
“We set up the financial system in the world for compression, block chain enterprise is one of the advantages of our professional knowledge.”
The phone, JP Morgan representative said they plan to open the source file in the underlying code at the end of this year and Quorum.