The blockchain team of JP Morgan, the world’s Sixth major financial organization has created an extension that will serve the Ethereum based blockchain. Through the new extension, it will provide complete privacy, and it will also hide the amount of money sent and from which address it is being sent.
The new extension is made on the Zether protocol that will further enhance the anonymity. The Zether protocol used is wholly decentralized, cryptographic protocol, which is based on complete confidentiality and is compatible with Ethereum based blockchain and can also work with other platforms that provide smart contracts. It will help to provide another layer of anonymity to the transaction processed on the network.
As per the reports surfaced on Tuesday, the bank with $30 trillion assets in custody is planning to use Quorum which is their version of Ethereum blockchain. Zether is created by a team of professionals from a varied background like academics and fintech research. The protocol is based on ZKP, i.e., Zero-Knowledge Protocol.
Until now, Zether was powered to hide the balance of the account and from which account it is getting transferred but could not conceal the identity of the sender. But with a new extension, the sender identity can also be hidden.
The aforementioned project is one of the blockchain and crypto related project of the company. The corporation is planning to release its JPM coin shortly. They are issuing the coin to improve the service to the clients when they make the transfer.
As per the Quorum head of JPM, Oli Harris, the architecture that is enforced in Zether is an account-based approach that is performed by the Ethereum network. The account-based plan of Ethereum works in a completely different way than UTXO of Bitcoin.
As per the news the bank has succeeded to attract some 220 banks to its Quorum-based inter-banking information network. Recently the bank has also completed integration with Microsoft Azure as a part of its preparation for the blockchain.
JP Morgan and other financial institutions are getting involved in the blockchain technology to stay stable in the competitive market that is full of new and innovative technologies.