JPMorgan is to use technology from the company behind the Zcash digital currency to add a new layer of privacy protection to users of its enterprise-grade Quorum blockchain platform.
The technology from the Zerocoin Electric Coin Company (ZECC) will extend Quorum’s existing privacy protections to add cryptographically assured, private settlement of digitised assets on the Quorum distributed ledger without a central intermediary.
The move provides the bank with the means to test the use of digital currencies for settling enterprise-grade financial contracts conducted via Quroum.
Developed inhouse by JPMorgan using the Ethereum protocol, Quorum is the first corporate application that will feature Zecc's zero-knowledge security layer (ZSL). ZSL is used by Zecc to assure anonymity for transactions using Zcash.
Suresh Shetty, JPMorgan executive director and blockchain center of excellence lead architect, says: “By adding the Zero-knowledge Security Layer into Quorum, we are able to explore how state of the art cryptographic privacy technology will enhance the next generation of financial services applications.”