What is GoQuorum?

Is GoQuorum a blockchain? How is it different than traditional blockchains?

GoQuorum for Central Bank Digital Currencies (CBDC)

GoQuorum for Cross Border Remittances

ConsenSys GoQuorum is an open-source protocol layer that enables enterprises to leverage Ethereum for their private or public production blockchain applications. Businesses can rely on ConsenSys GoQuorum to provide the enterprise-grade networks they need to unlock value with blockchain. On top of ConsenSys GoQuorum, you can integrate product modules from ConsenSys, third-party vendors, or your own in-house developers to build high-performance, customizable applications.

ConsenSys GoQuorum consists of two open-source projects: one based on Hyperledger Besu and another on GoQuorum. GoQuorum is the Enterprise Ethereum client originally developed by J.P. Morgan Chase and previously referred to as “Quorum.” It is a fork of Go-Ethereum (also known as Geth), which is a mainnet Ethereum client developed by the Ethereum Foundation. GoQuorum is entirely open source.

The GoQuorum Vision

ConsenSys GoQuorum enables enterprises to leverage Ethereum for their high-value blockchain applications. Businesses can rely on the GoQuorum open-source protocol layer and integrate on top of it product modules from ConsenSys, other companies, or your own in-house development team to build high-performance, customizable applications.

Its mission is the seamless adoption of blockchain technology. With GoQuorum, ConsenSys will expand its enterprise Ethereum offerings in three primary ways: 1) commitment to open source development, 2) aligned evolution and development for both private and public enterprise solutions, and 3) more robust production-grade product features on top of open-source codebases.

Is GoQuorum a blockchain? How is it different than traditional blockchains?

GoQuorum is a blockchain platform, but it’s different from traditional public blockchains like Bitcoin and Ethereum in several ways. GoQuorum was specifically designed to address the needs of enterprises and offers some key distinctions from traditional blockchains:

Permissioned Network – GoQuorum is often used in permissioned or private blockchain networks. In a permissioned network, participants are known and typically have to be approved by network administrators. This contrasts with public blockchains where anyone can participate without requiring permission.

Privacy Features – GoQuorum provides privacy features that allow for confidential transactions and data sharing. Traditional public blockchains are often transparent, meaning that transaction details are visible to anyone on the network. In contrast, GoQuorum enables participants to conduct private transactions, where the content of the transaction is known only to the involved parties.

Customizable Consensus Mechanisms – While traditional blockchains often have a fixed consensus mechanism (e.g., Proof of Work or Proof of Stake), GoQuorum offers flexibility in consensus mechanisms. It allows users to choose between different consensus algorithms, including its own GoQuorum Chain, Istanbul BFT, and others. This flexibility can be important for tailoring the blockchain to specific use cases.

Scalability – GoQuorum is designed with scalability in mind, and its consensus mechanisms are optimized for handling a high volume of transactions. This is important for enterprise applications where large numbers of transactions may be processed.

Enterprise-Focused Use Cases – GoQuorum is well-suited for use cases that involve enterprises and consortiums, such as supply chain management, financial services, and healthcare. It provides tools and features that are tailored to the specific needs and regulatory requirements of businesses.

Interoperability – GoQuorum is built to be interoperable with the Ethereum ecosystem. This means that developers can leverage Ethereum smart contracts and tools while using GoQuorum for their private or consortium-based blockchain networks.

Open Source – GoQuorum is open-source, which means that the code is publicly available and can be reviewed, modified, and extended by developers. This open nature encourages collaboration and innovation within the blockchain community.

ConsenSys has built a suite of institutional product modules that can be used on top of the GoQuorum open-source protocol layer to build complete and production-ready business applications. The product features currently market-ready for deployment on top of GoQuorum include Codefi Orchestrate, Workflow, Assets, Markets, Payments, Compliance, and Data. Together, these product modules allow businesses across a variety of industries and use cases to “mix and match” the features they want to create a highly customizable and specific blockchain solution.

GoQuorum Features

GoQuorum, an enterprise-focused blockchain platform, offers several key features that make it suitable for a wide range of use cases. These features include:

Permissioned Network – GoQuorum allows organizations to create private, permissioned blockchain networks. Participants are known and must be approved, making it suitable for use cases that require controlled access. The enhanced network permissioning model caters to enterprise-level needs by using smart contracts. It has significant flexibility to manage nodes, accounts, and account-level access controls.

Privacy – GoQuorum provides enhanced privacy features, including confidential transactions and private smart contracts. This ensures that sensitive data remains confidential while still being recorded on the blockchain. GoQuorum uses Tessera as the private transaction manager to implement private transactions. Tessera stores and allows access to encrypted transaction data. GoQuorum supports two states Public state, which is accessible by all nodes within the network and Private state, which is only accessible by nodes with the correct permissions.

Interoperability – GoQuorum is interoperable with the Ethereum network, which means it can leverage Ethereum tools, smart contracts, and developer resources while maintaining privacy and scalability enhancements.

Multiple Consensus Mechanisms – GoQuorum offers flexibility in consensus mechanisms. It supports various consensus algorithms, including Istanbul BFT (Istanbul Byzantine Fault Tolerant), QBFT, Raft, and Clique proof of authority (PoA), allowing users to choose the most suitable consensus for their use case. PoA consensus protocols work when participants know each other and there is a level of trust between them (for example, in a permissioned consortium network).

Scalability – GoQuorum is designed to handle a high volume of transactions, making it scalable for enterprise-level applications. Its consensus algorithms are optimized for efficiency.

Security – GoQuorum places a strong emphasis on security. The GoQuorum client is an Ethereum client that uses a transaction manager to encrypt and decrypt private transaction payloads. GoQuorum and its dependencies use the TCP/UDP transport layer to communicate. GoQuorum’s security depends on the security of the client host, transaction manager host, encryption keys, consensus runtime, and network access controls.

Tokenization – GoQuorum can support the tokenization of real-world assets, enabling the creation of digital representations of physical assets, such as real estate or commodities.

GoQuorum UseCases

GoQuorum, being an enterprise-focused blockchain platform with a strong emphasis on privacy, security, and scalability, is well-suited for various use cases across different industries.

Commerce and Finance Use Cases

Korea’s Central Bank Digital Currency experiment

This involved conducting tests to assess fundamental capabilities, including initiating, issuing, and redeeming the digital won, managing secret keys and wallet functions. Additionally, Explore more advanced functionalities, such as cross-border transactions, offline payments, and integration with digital asset systems.

Issuance and Settlement of the European Investment Banks’ First Digital Bond on Public Ethereum

Consensys worked with Societe Generale — FORGE in order to define and develop the smart contract representing CBDC balances in Euro. The smart contract leveraged existing token standards and was deployed by the Banque de France on the Ethereum mainnet, with settlement taking place on-chain.

Australia’s Wholesale CBDC project

The project encompassed creating a proof-of-concept (POC) for a tokenized Central Bank Digital Currency (CBDC). This CBDC was designed for use by wholesale market participants to facilitate funding, settlement, and repayment of tokenized syndicated loans on a DLT (Distributed Ledger Technology) platform based on Ethereum. The POC’s purpose is to investigate the effects of ‘atomic’ delivery-versus-payment settlement on a DLT platform and to explore potential programmability and automation features of tokenized CBDC and financial assets.

Bank of Thailand CBDC project

Develop the technology for a retail central bank digital currency PoC. The use of a CBDC to simulate daily commerce, automate payments, and support procurement and financial management system called Procure-to-Pay (B2P).

Hong Kong Monetary Authority — Project Inthanon-LionRock

The Project Inthanon-LionRock involved studying the application of a central bank digital currency (CBDC) for cross-border payments. Using its enterprise Ethereum stack, Consensys will test solutions that prioritize scalability, security, and interoperability.

Covantis — Modernizing Global Supply Chains with ConsenSys Blockchain Solutions

Blockchain solutions from ConsenSys products GoQuorum, Codefi, and Diligence enabled Covantis to create a global network for the efficient execution of bulk agricultural trade operations.

Mata Capital — Real Estate Investment Management

Using blockchain, modernize and optimize the processes of distributing fund shares and maintaining its investor registry.

HMLR — Real Estate Tokenization in the UK

Examine the application of blockchain and smart contract technology to enhance the efficiency, ease, and transparency of the real estate industry. The project involved developing a digital token that symbolizes ownership of individual properties. Property owners had the flexibility to determine the quantity of tokens or virtual property shares available and set the offering price.

Komgo — Commodity Trade Finance

Komgo serves as a centralized, reliable repository, enabling secure and highly efficient digital transactions for traders, carriers, banks, and authorized parties. This leads to streamlined industry operations and the adoption of standardized documentation across the board. Within just a year of its public introduction, komgo has facilitated nearly $1 billion in financing transactions among network participants. It benefits from the support of 15 of the world’s largest global banks, trading firms, and major players in the oil industry, and it continues to rapidly onboard new members.

August Debouzy — Security & Token Offerings

Offer asset managers, investors, distributors, and enterprises a joint Security Token Offering (STO) service.

Project i2i — Payments in the Philippines

An Enterprise Ethereum payment network driving financial inclusion in the Philippines through more accessible and more efficient domestic transactions.

Project Khokha — Pushing the limits of interbank payment settlement with blockchain in South Africa

Increasing transaction volume and network resilience while maintaining confidentiality requirements for real-time gross settlement on enterprise ethereum.

Project Ubin — Implementing a real-time gross settlement solution in central banking in Singapore

Examined the advantages of utilizing distributed ledger technology for the implementation of a real-time gross settlement solution within the realm of central banking. The endeavor resulted in the successful deployment of real-time gross settlement (RTGS) systems that ensured complete transaction confidentiality and unalterable settlement, all while mitigating the risk of single points of failure.

NFT Use-Cases

Palm — NFT Ecosystem and Studio for Creators

32,492 Collectors from over 130 countries applied to purchase 67,023 NFTs of ‘The Currency,’ Damien Hirst’s first NFT collection. HENI, Palm NFT Studio, and Consensys engineered a seamless experience to successfully allocate, mint, and distribute the NFTs.

Supply Chain Use-Cases

Covantis — Modernizing Global Supply Chains

Create a global network for the efficient execution of bulk agricultural trade operations.

Aura — Proving authenticity for luxury products

Powerful product tracking and tracing services based on Ethereum blockchain technology.

Smart Dubai — Digitising all government services in the UAE

The Blockchain Platform as a Service was created to give all government entities the freedom to build on a shared framework based on their business needs.

Documenting War Crimes in Syria

Developed a solution that transmitted the signed meta-transactions directly to the public Ethereum blockchain, thereby demonstrating the integrity and unaltered state of the information collected from its initial gathering to the present moment. This allowed for the correlation of aerial bombardments and human casualties with specific aircraft, enabling connections to be made to pilots, airbases, air wings, and commanding officers.

Project Unblocked Cash — Financial aid during disaster relief

An Ethereum-based Cash and Voucher Assistance humanitarian solution enabling more speed, efficiency, and transparency in financial aid for disaster relief for residents of Vanuatu.

Seafood Supply Chain Traceability — Tuna caught in Fiji

A blockchain supply chain traceability for use in seafood traceability, specifically for tuna caught in a Fijian longline fishery to address the entry of illegally and unethically produced products into the supply chain.

Luxarity — Tracking Donations and Ensuring Trust

Provide complete philanthropic transparency into the social venture operations of one of the world’s largest fashion conglomerates. Register and track donations from their annual pre-loved luxury pop-up sale on the blockchain.

GoQuorum for Central Bank Digital Currencies (CBDC)

GoQuorum has been explored or considered for Central Bank Digital Currency (CBDC) projects in several countries and regions. These exploratory efforts were at varying stages of development, ranging from initial research and discussions to actual pilot projects or proofs of concept. Some of the notable regions and countries where GoQuorum had been explored for CBDC initiatives include:

Australia — The Reserve Bank of Australia (RBA) had been exploring the potential use of blockchain and distributed ledger technology, including GoQuorum, for various financial applications, including CBDCs. The eAUD platform is a private, permissioned Ethereum (GoQuorum) implementation. The eAUD ledger is expected to operate as a centralised platform, under the management and oversight of the RBA.

Israel — The Bank of Israel examined technological alternatives, and the opportunities and risks that may be inherent in the various technologies for implementing a digital shekel system. To conduct the experiment, a Distributed Ledger Technology (DLT) infrastructure was set up on the Microsoft Azure cloud using Azure Blockchain Services. This allowed the implementation of an Ethereum-based GoQuorum blockchain. The technology provided the means to explore the utilization of smart contracts and establish an infrastructure for Delivery vs. Payment (DvP) transactions.

South Korea —

Consensys was involved in designing the architecture for the Central Bank of Korea’s CBDC project. The CBDC initiative in Korea began with an initial simulation phase that tested fundamental functions like digital won creation, issuance, redemption, secret key management, and wallet capabilities. Subsequently, the project delved into exploring advanced features, including cross-border payments, offline transactions, and integration with digital asset systems.

GoQuorum for Cross Border Remittances

South Africa & Malaysia — Project Dunbar explored how a common platform for multiple central bank digital currencies (multi-CBDCs) could enable cheaper, faster and safer cross-border payments. This phase of the project successfully developed working prototypes on GoQuorum platform and demonstrated practicable solutions, achieving its aim of proving that the concept of multi-CBDCs was technically viable.