BlockChain
Mrs. Pallavi Patil
(Computer Engineering & CSD)
Module 6. Tools and Applications of Blockchain
1. Corda, Ripple, Quorum and other Emerging
Blockchain Platforms
QBank
[Link] short notes on Corda.
2. Write short notes on Quorum.
3. Write short notes Ripple.
[Link] short notes on Corda.
Definition: Corda is an open-source, permissioned, distributed ledger
platform developed by R3 for businesses. Unlike public blockchains, it is
designed specifically for enterprises in sectors like banking, insurance, and
supply chain.
[Link] short notes on Corda.
Key Features:
1. Permissioned Network – Only authorized participants can join and
transact.
2. Privacy – Data is shared only with parties involved in a transaction, not
with the entire network.
3. Smart Contracts – Supports smart contracts (CorDapps) written in JVM-
based languages like Kotlin and Java.
4. Consensus – Achieved only on the validity of transactions, not on the
entire ledger.
5. Notary Services – Prevents double-spending by validating and
timestamping transactions.
[Link] short notes on Corda.
● Architecture:
○ Nodes: Run Corda and host CorDapps.
○ Vault: Stores states (ledger data).
○ Flows: Automate peer-to-peer communication between parties.
○ Notary Node: Ensures transaction uniqueness.
● Use Cases:
○ Trade finance
○ Cross-border payments
○ Digital identity management
○ Supply chain tracking
● Difference from Other Blockchains:
○ Corda does not broadcast transactions network-wide.
○ It is not a cryptocurrency platform but focuses on business applications.
Write short notes on Quorum.
• Definition: Quorum is an enterprise-focused, permissioned
blockchain platform developed by J.P. Morgan. It is built on top of
Ethereum to provide businesses with the benefits of blockchain while
addressing enterprise requirements like privacy and performance.
Write short notes on Quorum.
● Permissioned Access – Only approved participants can join the network.
● Privacy – Supports private transactions using the Tessera (transaction
manager) so that data is visible only to parties involved.
● High Performance – Optimized consensus algorithms allow faster transaction
processing compared to public Ethereum.
● Ethereum Compatibility – Fully compatible with Ethereum smart contracts
(Solidity) and tools.
● Consensus Mechanisms – Uses RAFT (crash fault-tolerant) and IBFT
(Byzantine fault-tolerant) instead of Proof-of-Work.
Write short notes on Quorum.
● Architecture:
○ Quorum Node – Runs modified Ethereum client.
○ Tessera – Handles private transaction encryption and distribution.
○ Consensus Layer – RAFT or IBFT for agreement.
○ Smart Contracts – Written in Solidity, executed via EVM.
● Use Cases:
○ Banking and financial services
○ Supply chain management
○ Healthcare data sharing
○ Enterprise asset tracking
● Difference from Public Ethereum:
○ No mining, uses efficient consensus.
○ Faster and more private.
○ Designed for enterprise consortiums, not public cryptocurrency.
Write short notes Ripple.
• Definition: Ripple is a real-time gross settlement (RTGS) system, currency
exchange, and remittance network created by Ripple Labs Inc. It is both a
payment protocol and a cryptocurrency (XRP).
• Ripple is a financial technology company that provides a global payment and
settlement network using blockchain technology. It aims to facilitate fast,
secure, and cost-effective cross-border payments. Ripple's platform consists of
several key components and technologies, including its digital payment
protocol and the XRP cryptocurrency.
Write short notes Ripple.
Key Features:
1. Digital Payment Protocol – Enables fast, low-cost international
money transfers.
2. Cryptocurrency (XRP) – Native token used for liquidity and
reducing transaction costs.
3. Consensus Mechanism – Uses a Unique Node List (UNL) for
validating transactions, instead of mining (unlike Bitcoin/Ethereum).
4. High Speed & Low Cost – Transactions settle in 3–5 seconds with
minimal fees.
5. Scalability – Can handle up to 1,500 transactions per second.
Write short notes Ripple.
Architecture: Ripple Net – A network of banks, payment providers, and institutions
using Ripple technology.
● XRP Ledger – Decentralized ledger that records transactions.
● Validators – Trusted nodes that confirm transactions.
Use Cases:
● Cross-border payments and remittances
● Liquidity management for banks (XRP as a bridge currency)
● Real-time settlement between financial institutions
Difference from Other Blockchains:
● Ripple focuses on financial institutions rather than general-purpose applications.
● No mining, eco-friendly consensus.
● Transactions are faster and cheaper compared to Bitcoin and Ethereum.
THANK YOU