JPMorgan is testing a privacy-oriented technology based on Ethereum

Despite the fact that the head of JPMorgan financial conglomerate Jamie Dimon is clearly not a big fan of Bitcoin, his organization is actively exploring cryptocurrency technologies. So, it was recently announced that JPM Coin has launched steyblcoin, and now it has become known that the organization is testing technology based on Ethereum with zero knowledge (ZKPs).

ZKPs technology allows the user to use arrays of data and to prove the correctness of statements without disclosing this data. This approach is designed to increase the level of privacy and data security in the network, which distinguishes it from many other technologies, including Bitcoin, which require public data validation, and also offer the possibility of free viewing of records in the blockchain.

Previously, JPMorgan has already begun to use the Quorum private blockchain, which is also based on the Ethereum protocol, and has now expanded this area by turning to ZKPs technology. In particular, we are talking about its implementation under the name AZTEC, which develops the eponymous startup from London.

Speaking about cooperation with JPMorgan, AZTEC CEO Tom Pocock said :

“Her [technology] is being tested by the most important blockchain bank in the world today. I'm talking about JPMorgan. ”

According to him, AZTEC is aimed at faster and more efficient forms of data encryption, which will become a link between private and public blockchains.

“AZTEC allows you to take what is usually limited to the use of a private blockchain, and release these assets, trade and carry out calculations on a public blockchain with all additional performance guarantees,” added the head of the startup.

Note that the Ethereum community is already familiar with the AZTEC protocol . In particular, it is used to provide greater reliability of transactions using stableblock Maker DAI.

CTO AZTEC Zack Williamson also draws attention to the huge difference between the principles of Quorum and AZTEC. According to him, the AZTEC protocol gives the user the opportunity to prove that a certain amount of inputs is equal to outputs, which will be enough to confirm a transaction without the need to disclose its details.

Jamie Dimon said earlier this week that in the future JPMorgan Coin can be used not only for domestic and commercial, but also for consumer calculations.

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