Crowd Genie — Blockchain product development update — Part 2
By Kunwar Vivek Singh, CTO, Crowd Genie
This article is continuation of the series where I share details on how Crowd-Genie, a blockchain based asset exchange, is designed and build. The first part of the series can be accessed here.
With Crowd-Genie, we set out to solve 2 major pain points.
- Seamless movement of finances across geographical borders
- Remove inefficiencies of the traditional lending exchange like longer time to get to loan, longer processing time of repayments and many more
Blockchain offers an exciting paradigm to the above existing problems. With blockchain, we can expand the borders of an organization. Data that was considered to be safe within the boundary of an organization can now be shared and used in a “trustless” yet secure environment.
As we started analyzing the existing blockchain technologies for enterprise grade solution, we saw two major concerns from mostly all available blockchain technology
- Performance — Crowd-Genie’s one of the prime mission objective is to minimise the loan and its related processing time and hence performance is one of our key focus area for optimal service delivery and excellent customer experience.
- Privacy — Since the platform is related to the financial transactions, the privacy concerns are imperative and of utmost importance.
The next phase involved a lot of experimentation and brainstorming. We experimented with multiple chains like Cordano, Corda, EOS, Hyperledger, Quorum and Parity against our planned functional and non-functional requirements.
After careful deliberations, we chose Quorum as our primary blockchain because
- It is a extended ethereum blockchain i.e. based on ethereum but with extended features for financial world, enterprise requirements
- Raft consensus (without empty blocks) and other optimizations provide the required performance throughput
- Created and supported by JP Morgan so we can be sure of ample community support
Privacy has been the prime considerations in all our designs. We hence designed Crowd-Genie to be a hybrid blockchain solution where the basic information is available on the public ethereum blockchain whereas more day to day financial operations are recorded on the Quorum blockchain. This gives the “need to know” basis control on the transactions on the blockchain. The Quorum chain will have the list of validator nodes that will initially be Crowd-Genie and its Escrow agents organizations and can slowly be expanded to a consortium of financial institutions who wish to participate in the exchange.
We are very happy and satisfied to see the comprehensive design of the platform and look forward to make it live and breathing in the coming weeks.
In the next of the articles, I will cover the details of the other pieces of the puzzle in terms of technology stack that we think will help us prototype a MVP and scale it to full fledged platform. I look forward to suggestions on the selected stack and can be reached out at kunwar.singh@crowd-genie.com .
All the information and progress about the Crowd Genie platform can also be accessed at the links below.
Token Name: CGCOIN
Token Symbol: CGC
Token Website: www.genieico.net
Company Website: www.crowd-genie.com
Telegram Group: https://t.me/genieofficial
Twitter: https://twitter.com/crowdgenie
