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Notable Private Blockchains

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Some private or permissioned blockchains are certainly gaining
mindshare and traction. Current examples are:
Axoni AxCore
Axoni is a capital market technology firm founded in 2013 that specialises
in distributed ledger technology and blockchain infrastructure. Among
other projects, Axoni’s flagship initiative is use of their technology to
upgrade the Depository Trust & Clearing Corporation’s trade information
R3 Corda
Corda is an open source blockchain project designed to solve pain points
in the financial services industry. It was designed by a consortium of
banks and R3, my employer, so I declare my interest here. In Chief
Technology Officer Richard Brown’s own words209:
Corda is an open source enterprise blockchain platform that has been designed and built from
the ground up to enable legal contracts and other shared data to be managed and
synchronised between mutually untrusting organisations in any industry. Uniquely amongst
enterprise blockchain platforms, Corda allows a diverse range of applications to interoperate
on a single global network.
Corda uses concepts drawn from Bitcoin and public blockchains to
guarantee that digital assets are unique and data is synchronised between
databases controlled by different parties, though it diverges from other
blockchains in that it does not bundle unrelated transactions together
and distribute them to all participants in a network for periodic
processing. This means it can process higher transaction volumes and
resolves the privacy issue of public blockchains. Although Corda was
originally designed for regulated financial institutions, it is now being
originally designed for regulated financial institutions, it is now being
actively explored by other industries.
Corda is being used, among other things, for trading baskets of financial
assets210, for gold trading211, syndicated loans212, and FX trade matching213.
Digital Asset GSL
Digital Asset Holdings, LLC is a company founded in 2014. According to
Wikipedia214, it ‘Builds products based on distributed ledger technology
(DLT) for regulated financial institutions, such as financial market
infrastructure providers, CCPs, CSDs, exchanges, banks, custodians and
their market participants’. The technology platform is called the Global
Synchronization Log (GSL).
Digital Asset has a notable contract to use DLT to modernise and replace
the Australian Stock Exchange’s technology systems215. This is regarded as
a major vote of confidence for Digital Asset and the entire private
blockchain industry.
Hyperledger Fabric
Hyperledger Fabric is a blockchain technology originally developed by
IBM and Digital Asset, and incubated under the Linux Foundation’s
Hyperledger Project. It seems to have some traction in supply chains and
JP Morgan Quorum
Quorum is a blockchain technology originally created by US bank JP
Morgan Chase and is based on the Ethereum platform. It is interesting
because it uses advanced cryptographic techniques called zero knowledge
proofs to obfuscate transaction data. In March 2018, the Financial Times
reported that JP Morgan was considering spinning off the project into its
own entity216.

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