Revisiting Insurance with JP Morgan's QuorumBy May 07, 2019 2 Min Read
“Understanding Quorum – JP Morgan’s Ethereum Fork” is held on 3 May 2019 at the Garage Society in Central. Two guest speakers from Galileo – CEO Mark Wales and CTO Matt Crooks shared their insights on JP Morgan’s Quorum to 50 participants including financial professionals and blockchain developers.
Galileo Platform is a platform technology company serving the insurance sector. Mark first mentioned the current pain points for insurers: product challenges, legacy systems, business process challenges and incomplete digital customer experience. He stated that blockchain technology helps to connect participants in the insurance ecosystem and enhance their digital customer experience.
Matt Crooks, CTO of Galileo, explained the 4 key features of JP Morgan’s Quorum platform: privacy, performance finality and permissioning. Both Mark and Matt revealed the pros and cons of adopting Quorum in terms of its key features. They both agreed that these features made Quorum applicable to diversified industries and a useful tool to tackle the industries’ pain points.
Matt then delve deeper into the structure of Quorum and illustrated how Quorum manages encryption. He then compared the public and private transactions inside Quorum.