JP Morgan tests a new protocol for their private ETH blockchain

02 Mar, 2019 | Updated: 02 Mar, 2019
by Fifi Arisandi
News
JP Morgan tests a new protocol for their private ETH blockchain

JP Morgan & Chase is testing a new protocol for their private Ethereum blockchain.

JP Morgan & Chase has a new blockchain-related announcement. Following the launching of JPM Coin, the prominent name in the financial industry is now in the middle of testing a new privacy protocol for private transactions.

Read more: JPM Coin "could one day be consumer", says Jamie Dimon

The new protocol, called zero-knowledge proofs (ZKPs) is built by a London blockchain company, AZTEC and aimed to encrypt blockchain data efficiently at a lesser cost.

According to Askrypto, the ZKP protocol should prove “the validity of a set of data without disclosing the data itself and have the potential to address the privacy concerns of regulated companies about using shared digital ledgers”.

Elaborating the purpose of the test further, JP Morgan & Chase is currently exploring the utilization of ZKPs for their private ETH blockchain, Quorum.

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