Finance Magnates has reported that Wall Street banking giant JP Morgan will be developing privacy features for its native blockchain transactions, and will likely add that to Quorum.
This is only the latest development in the blockchain ambitions of a bank that also launched its own native cryptocurrency dubbed JPM Coin in February, professed to have institutional interests in mind.
Accorting to reports, this privacy feature was already added to the Zether protocol and is designed to be added on to any blockchain based on Ethereum, be it private or public. Perhaps more surprisingly, the bank has also said that it will release the new extension with an open source license, hinting that it hopes to see adoption proliferate.
Zether was developed by fintech researchers and academics as a payment mechanism that would work with any smart contract platform to add an anonymous layer to digital currency transactions. Apparently, the bank’s protocol will now hide the transaction amount as well as sender identity. Quorum head Oli Harris said:
“In the basic Zether, the account balances and the transfer amounts are concealed but the participants’ identities are not necessarily concealed. So we have solved that. In our implementation, we provide a proof protocol for the anonymous extension in which the sender may hide herself and the transactions recipients in a larger group of parties.”
Harris added that the bank had future intentions to enter the industry of blockchain payments, and had already created ties with over 200 banks to use a distributed ledger to share financial data. He stressed that the new feature would not have an impact on existing protocol:
“… it’s more just an additional functionality that would build in. Of course, we are still very early days in terms of doing any detailed testing around performance and scalability in production networks.”
Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews
Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.
Image Courtesy: Pixabay