JP Morgan announces a test protocol for their ETH blockchain

Monday 4 March 2019 13:20 CET | News

JP Morgan & Chase has announced it is testing a new protocol for their private Ethereum blockchain, for private transactions.

This blockchain-related announcement follows the launching of JPM Coin. The new protocol is called zero-knowledge proofs (ZKPs), and it is built by a UK-based blockchain company, AZTEC. ZKP aims to encrypt blockchain data efficiently, at a lesser cost.

Moreover, as per Askrypto, the ZKP protocol’s aim is to prove the validity of a set of data, without disclosing the data itself. It is also designed to address the privacy concerns of regulated companies about using shared digital ledgers. To elaborating the purpose of the test, JP Morgan & Chase is currently exploring the utilisation of ZKPs for their private ETH blockchain.

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Keywords: JP Morgan, Ethereum, blockchain, transactions , ZKP, digital ledgers, regulations, AZTEC, data, protocol, privacy, cryptocurrency, UK
Countries: World