Blockchain developer AMIS, announced the release of Istanbul Byzantine fault tolerant consensus protocol (Istanbul BFT), the new tool that reduces the complexity and energy consumption of verifying transactions made on the blockchain.
The company announced that JPMorgan Chase & Co’s Ethereum-based blockchain ‘Quorum platform’ has adopted its new consensus algorithm, in order to help meet the needs of JPMorgan for high throughput processing with the help of blockchain technology.
The release said that both AMIS and JP Morgan are founding members of the Enterprise Ethereum Alliance (EEA) that develops the Ethereum blockchain.
"We're honored to be able to contribute our PBFT implementation to J.P. Morgan's industry-leading Quorum platform. Having financial institutions as our primary customers meant we had to design from day one with their requirements in mind. J.P. Morgan shares many of these requirements and recognized the value of adding an enterprise-grade PBFT implementation to their Ethereum-based platform,” Alex Liu, CEO of AMIS said.
The company said that the Istanbul BFT applications will widely enhance the efficiency of exchanging messages on the existing Ethereum structure that will in-turn make the blockchain system an infrastructure for the worldwide financial web.
The partnership will widen the number of consensus options that are available to institutional users of Quorum. The integration was made possible by the new Pluggable Consensus interface, which also adds a Proof-of-Authority (PoA) or "Clique" mode of consensus.
“This is significant advancement in providing enterprises a range of 'pluggable' consensus algorithms, which is a core objective of the EEA,” Julio Faura, chairman of the board, Enterprise Ethereum Alliance and the head of R&D (blockchain) at Banco Santander, said. “We are proud to see EEA members such as AMIS not only contributing in such a meaningful way, but also in collaboration with other members such as J.P. Morgan. Enterprise adoption of Ethereum has never been stronger, and is getting stronger everyday through efforts like these.”
Additionally, AMIS is working in tandem with EEA members such as JP Morgan, Fubon FHC and Taishin FHC to develop blockchain applications. The company said that it will launch more innovative blockchain applications globally and upgrade the fintech industry in Taiwan.
