JPMorgan adopts Zcash security layer for privacy protection on its Ethereum-based Quorum service

22 May 2017

Zerocoin Electric Coin Company operating a cryptocurrency featuring privacy and selective transparency of payments Zcash is partnering with JPMorgan over adding its zero-knowledge security layer (ZSL) to JPMorgan’s Quorum blockchain platform based on Ethereum smart contracts as the banking giant seeks to improve user privacy protection.

ZSL will be an added value to Quorum existent personal data security providing cryptographic data storage, as well as private settlement on a decentralized distributed ledger platform. JPMorgan will be able to trial digital currency transactions for making payments under financial contracts on Quorum.

Quorum has been designed by JPMorgan and is the first application integrating the new security layer ensuring anonymous transaction processing. Increased focus on privacy in settling smart contracts may attract banks and financial institutions, which have long been wary about blockchain technology.

Chief executive for Zerocoin Electric Coin Company shared his excitement about this upscale partnership with JPMorgan, while Suresh Shetty, lead architect for blockchain center of excellence underlines great opportunities posed by the potential of exploring the capabilities and functionality of cryptographic privacy protection.

Insomuch as Quorum mainly targets financial institutions sector the privacy protection is a crucial prerequisite for trading in these markets, as companies are reluctant to allow other rivals to see what they are trading, notes Jack Gavigan, COO for Zcash.

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