In this article you will get to know what is blockchain platform, we will be comparing 3 blockchain platforms, Quorum vs Hyperledger Fabric vs R3 Corda.
There are advantages to using various blockchain platforms in terms of architecture, network, solutions, and services. Blockchain Platforms define the fundamental permission, consensus, and framework principles and reside on the protocol layer of the blockchain technology stack, which comprises of application, service, protocol, and infrastructure.
What is Blockchain Platform?
Blockchain platforms are entities with scripting languages that are complex and powerful enough to create and manage a wide range of Web3 functions, including but not limited to NFTs, the initiation and completion of transactions, and the creation of smart contracts. In fact, smart contracts are thought to be the first non-cryptocurrency use of Ethereum’s blockchain platform.
3 Types of Blockchain Platforms
3 Types of Blockchain Platforms are:
- Quorum
- R3 Corda
- Hyperledger Fabric
Key Features of Blockchain Platform
According to Chris Georgen, founder and managing director at Topl, which is creating a blockchain for sustainability, blockchain platforms come with a wide range of components, allowing businesses to choose the right ones for different sorts of capabilities.
While assessing platforms, Georgen advised looking at four factors.
Including the platform’s accessibility (whether it is public or private) and how it affects speed and security. A public blockchain can be simpler to set up for small firms because anybody can participate. The disadvantage is that open blockchains move more slowly. Several blockchain code bases can be changed to be either open or closed.
Consensus-based mechanisms, such as Byzantine fault tolerance, PoW, or PoS. The earlier algorithm used in Bitcoin and Ethereum is called PoW. According to Georgen, the alternatives are faster and more effective but newer and less tested.
Ledger technology and how it keeps track of transactions. An account model and UTXO are two common methods. While an account model keeps track of the balance, UTXO functions similarly to cash with serial numbers. Tron, EOSIO, Stellar, and Ethereum all employ the account model. UTXO is a feature of IBM Blockchain, Hyperledger Fabric, and Hyperledger Sawtooth.
In the blockchain, smart contracts have features for storing business logic. Prominent programming languages include Digital Asset Modeling Language, WebAssembly, and Ethereum Solidity.
Hyperledger Fabric
A set of tools called Hyperledger Fabric makes it easier to develop blockchain applications. It was designed from the bottom up with enterprise distributed ledger purposes in mind and is supported by the Linux Foundation. It has a diverse ecosystem of parts that can be connected to a modular design. It performs well in deployments of closed blockchains, which can increase security and speed. As well as supporting accounts and unspent transaction output (UTXO) models, it also offers an open smart contract model.
By isolating transactions in channels or facilitating the exchange of private data in private data collections on a need-to-know basis, Hyperledger Fabric can also enhance data privacy. According to its proponents, it also enables quick transactions with minimal finality and confirmation latency.
The most recent enhancements, according to Arnaud Le Hors, senior technical staff member of IBM’s blockchain, edge computing, and web open technologies, include support for an organisation to join a channel without replicating the entire ledger’s history. As a result, starting times are shortened and less storage space is needed. Around Hyperledger Fabric, there is a vibrant and diverse community that is trying to expand its capabilities in terms of GDPR compliance, extra privacy options, and operational improvements.
R3 Corda
Transactions are cryptographically linked together and the system uses a new consensus technique that does not routinely group numerous transactions into blocks. It is described as “both a blockchain and not a blockchain” on the official Corda website. The fact that all transactions are executed in real time, as opposed to other kinds of blockchains, is one of the major advantages of this approach.
Since Corda offers a convenient method for financial transactions and smart contracts with high security, the R3 consortium has a sizable following in the financial sector. Prominent proponents include Microsoft, Intel, HSBC, and Bank of America. It provides software that enables cross-company execution of automated business logic. A technical preview of Corda Payments, which makes it easier to integrate distributed payment functionality into apps, was also been released by the group.
According to Manders, Corda has a good chance of taking over as the primary network for processing insurance-related transactions. Other federated blockchain networks that can handle transactions more quickly and inexpensively are a threat to it.
Quorum
JPMorgan, a provider of financial services, developed Quorum, a modified version of Ethereum. It makes use of the Ethereum blockchain platform’s basic work and repackages it into a secure environment that banks may use. It has been developed to facilitate fast transactions across a private network between organisations like banks and insurance firms. Also, it includes a number of privacy improvements to Ethereum to better accommodate laws like the CCPA in California and the GDPR in Europe.
In late 2021, ConsenSys acquired the intellectual property assets of the Quorum platform from JPMorgan and incorporated them into its own development to produce the ConsenSys Quorum open source protocol layer. ConsenSys has positioned this product as a means for businesses to expedite the creation of business applications that work in conjunction with other Ethereum-based technologies. Enterprise clients served by the company include JPMorgan and the South African Reserve Bank. The company offers development services for the unified platform. To make enterprise deployments simpler, it introduced the Quorum Blockchain Service on Microsoft Azure in July 2022 as a fully managed service.
Quorum vs Hyperledger Fabric vs R3 Corda
| Hyperledger Fabric | R3 Corda | Quorum | |
| Industry focus | Cross-industry | Financial services | Cross-industry |
| Governance | Linux foundation | R3 Consortium | Ethereum developers and JP Morgan Chase |
| Ledger type | Permissioned | permissioned / private | Permissioned |
| Multi-tenancy | Supported using side-channels | Isolated and multi-tenant by design | Not available |
| Programming language | Golang (Java) | Kotlin (Java) | Solidity |
| Consensus | Pluggable framework, but not necessary for all nodes to participate | Pluggable framework, parties to a transaction are involved in decision-making | Pluggable framework, Raft consensus, and Istanbul byzantine fault tolerant consensus |
| Rate | More than 2,000 transactions per second | Approximately 550 transactions per second | Approximately 600 transactions per second |
Blockchain Key Terms
API: Application programming interface (API) allows for communication between a blockchain and other software.
Web3: The internet-based ecosystem that includes the blockchain and related technologies, such as cryptocurrencies, NFTs, and decentralised social networks.
BaaS: Blockchain-as-a-service is a third-party service that helps blockchain-related businesses build and manage cloud networks.
DeFi: Decentralized finance or is the “no middleman” idea that underpins blockchain.
DAO: Decentralized autonomous organization, which is managed by a transparent computer program rather than a formal governing body of individuals (also known as DAC or decentralized autonomous corporation).
DLT: Distributed ledger technology, sometimes known as blockchain.
dApp: A decentralized application that utilizes a distributed ledger technology, such as a blockchain.
KYT: Know your transaction is a procedure that collects data about transactions carried out by financial institutions.
TPS: The maximum number of transactions a network can handle per second.
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