At Synechron, we’re often asked by our financial services clients for our perspective on the blockchain platform most suited to their use cases. Having developed functional applications upon each of the leading enterprise blockchains–Ethereum and its enterprise version Quorum, Fabric, and Corda – all have one thing in common: they are open source platforms.
The open source advantage for blockchain is its ability to lower the barrier to industry adoption of a trusted and truly peer-to- peer system, fostering transparency, decentralization, a stronger developer base, and cost-savings. The open source model is also a large driver of innovation, as companies utilizing open source can learn from each other’s mistakes and benefit from one another’s successes. This is especially critical for banks in network developments that are eager to accelerate blockchain projects without having to develop their own code or have unique access to closed platforms.
Today, for projects utilizing open source platforms such as Quorum, the 7-node example is the natural starting point. Yet it must be manually edited and configured to fit their specific needs. The open source community has the power to speed up the onboarding process and help firms drastically ramp up their network development. That’s not to say that the closed platform aren’t solving niche, specialized problems, around highly focused use cases but that the depth and breadth the open source community offers a competitive platform advantage.
Synechron has contributed to the open source community to alleviate some of the challenges associated with the current process with our Quorum Maker. This is one of the first open source utility tools available within the industry to allow developers to pre-configure the nodes needed to build on a Quorum network in a flexible and error-free way. The tool works to automate network configuration as a utility using a QA Wizard, dramatically cutting down the time to develop, as the network can be up in mere minutes.
Synechron developed Quorum Maker to speed our own development and agility when building applications on the Quorum platform for our clients. As a member of the Enterprise Ethereum Alliance we have decided to share the tool to speed up development and innovation across the entire ecosystem.
Julio Faura, Enterprise Ethereum Alliance (EEA) Chairman and Head of Innovation at Banco Santander, “The mission for the EEA is to connect experts across industries working on smart contract enabled applications to evolve Ethereum for enterprise-grade applications. With over 150 organization members, we are now the largest open source blockchain initiative, and our technical steering committee is focused on continuing to advance the base protocol to support increasingly complex use cases. Some of the greatest innovations are coming out of the financial services industry, where companies like Synechron are contributing to the protocol advancement as well as application development.”
Amber Baldet, Chair of the Enterprise Ethereum Alliance’s Financial Industry Working Group and Blockchain Program Lead for J.P. Morgan said, “When companies like Synechron open source tools they have built to speed their own Quorum application development process, the entire Enterprise Ethereum community benefits. Community driven development is still new to the financial services industry and Synechron’s leadership sets a great example for how collaboration accelerates innovation.”
Quorum Maker is now live on GitHub: https://github.com/synechron-finlabs/quorum-maker/tree/development