The largest US bank, JPMorgan Chase (JPM) has announced that it is ready to release an open source extension. This extension is said to improve the privacy of payment mechanisms on Ethereum-based blockchains.
The new privacy tool has been designed as an extension to the current Zether protocol. This is a protocol aimed at improving privacy and cooperates with Ethereum and other smart contract platforms.
Allegedly, JPM is planning to release the new tool as open source. The tool will also be implemented on Quorem, the bank’s privacy blockchain platform that is also built on the Ethereum protocol.
At the moment, the account balances and transfer amounts are hidden on the Zether platform. However, the identity of the participants is not necessarily hidden. This problem is solved with the new extension. The identity of participants will be hidden here as standard. Both the sender and the recipient (s) of transactions in larger groups will automatically be bent to promote the privacy of users.
Reliable and anonymous payments
According to JPM, the new tool is an efficient mechanism for reliable and anonymous payments. According to the bank, the new tool could be beneficial for the protection of privacy within the business market. In addition, the new tool could help JPM to further expand their Quorum platform.