What Do Blockchain Builders Want?
According to Amber Baldet, JP Morgan’s blockchain leader, they face the same issues as anyone creating public blockchains today. “The problems aren’t different, it’s just that people use different ways in attempts to solve them” Baldet states at EthCC, an Ethereum press conference last Friday.
In a large lecture hall, she described the mechanic’s Quorum, JP Morgan’s private blockchain network, while stating that the company is looking for collaborative assistance across blockchains.
And Baldet is in a great position to continue the project plan. Not only is Quorum JP Morgan’s first blockchain based project, but it also uses Ethereum’s software. Baldet stated how much of her personal time is spent connecting with cryptocurrency communities in order to reach common ground.
“I spend time speaking about cryptocurrency, open blockchains, and ethereum to businesses, corporates, central banks, and enterprises,” Balded said, “I don’t spend time thinking in the other direction.”
Yet, these conversations are important and help improve and educate both the finance and technical aspects of the industry. With private and public blockchains pitched against each other, she told CoinDesk “I don’t think they need to be mutually exclusive or different from each other”
And while there are some issues with public blockchains that established enterprises cant afford, what ethereum wants from businesses, and what businesses want in return, she said, is the ability to operate together.
By doing this, enterprises can create their private ecosystems away from public networks but show data in order to obtain the suitability of a public blockchain.
“It doesn’t have to be enterprise crisis recovery systems, and all decentralized public blockchain transactions over there” she asserted. Rather, she continued “Pragmatically, we’re going to have a hybrid of interconnected networks that can interact with each other”
Interoperability is the area that Baldet feels that businesses should work the most on. When discussing the difficulties of enterprise software, she told the audience, “When talking about enterprise blockchain, most people get stuck.”
Due to this, she believes that businesses have a hard time attracting developer talent. “Developers don’t want to work on obsolete projects that look like it was made in the 1990s,” she asserted.
Because of this, businesses need to cooperate with developers to create user-friendly, simple software that can work with existing technology. The companies need to work towards building interoperability solutions like Polkadot, Interledger, and Cosmos to help blockchains share data.
However, she warned about the possibility of splitting blockchain communities into uncooperative factions. She stated that it would “make interoperability harder and weaken the overall privacy.”
What’s Next for Quorum?
Baldet wants Quorum to help bridge the gap between companies and developers. By doing so
Quorum works by creating new networks that have both a public and private key.
With the keys, the network can make smart contracts for any node that’s placed in it, which opens the ability to make private operations. Once made, the hash is first validated and stored on Quorum’s blockchain.
Quorum has also worked with ZCash, a privacy-centric cryptocurrency that uses a zero-knowledge sentiment layer on its blockchain. This allows businesses to operate properly and prevent hackers from getting into company’s network.
Conclusively, JP Morgan’s plan to use Quorum to enhance the current private and public networks and bring them together is an interesting concept. In the near future, we can see the combination of both networks using blockchain technology to help enterprises increase the efficiency of their daily business operations.