JP Morgan Chase has partnered with the Zerocoin Electric Coin Company, the creator of Zcash, to use the company's privacy technology as part of its enterprise blockchain platform for smart contracts. The bank's ethereum-based platform will use Zcash's Zero-knowledge Security Layer to ensure digitised assets are privately settled on a distributed ledger, said JP Morgan Executive Director Suresh Shetty. "We believe that this partnership is an important step forward towards creating a more secure and efficient financial system by leveraging our existing expertise in private blockchain," he said.
JP Morgan Chase has partnered with the Zerocoin Electric Coin Company, the creator of Zcash, to use the company's privacy technology as part of its enterprise blockchain platform for smart contracts. The bank's ethereum-based platform will use Zcash's Zero-knowledge Security Layer to ensure digitised assets are privately settled on a distributed ledger, said JP Morgan Executive Director Suresh Shetty. By increasing commercial confidentiality for institutional financial markets, companies will be more comfortable using blockchain for a range of use cases, from simple equity trades to complex derivatives, said Zcash COO Jack Gavigan.