JPMorgan has selected technology from the Zerocoin Electric Coin Company (ZECC), developers of the Zcash digital currency, to boost the security of its blockchain platform known as Quorum.
The bank will integrate zero-knowledge security layer from Zcash to its blockchain platform, which has been developed by using the Ethereum protocol.
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The technology vendor said that the addition of the technology will extend the blockchain platform’s existing privacy protections to support private settlement of digitised assets on a distributed ledger.
JPMorgan executive director and blockchain center of excellence lead architect Suresh Shetty said: “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.”
ZECC CEO Zooko Wilcox added: “Quorum’s innovative, open source design demonstrates that J.P. Morgan is leading the way for applications of distributed ledger technology in global finance. Zcash is the leading technology for cryptographic protection of assets on a distributed ledger. Combining these will unlock transformative possibilities.”
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By GlobalData
