Zcash Privacy Tech forms a partnership with JPMorgan to Quorum Business chain
Zcash is a development organization responsible for the privacy based public blockchain. It has pronounced the first combination of the zero-knowledge security layer to form a partnership. J.P. Morgan has revealed adding the task to its Quorum blockchain.
The code that has been combined to form the blockchain of business hides all information that can be known about a transaction. This system has been obtained from the technology of Zcash, i.e., zk-snarks technology. This code protects information such as the public key of the user and the transaction amount. This system allows accountants to review the transactions to ensure compliance with the established policies and operational procedures to recommend the necessary changes in procedures, policies or controls.
Zooko Wilcox, the co-founder of Zcash, informed CoinDesk that the partnership they have made with JP Morgan would use the Zcash technology to provide a platform of protecting and auditing during transfer of token owned by the J.P. Morgan blockchain.
J.P. Morgan joined with Zcash firm which controls the open-source development of Zcash in May this year to complete the project and was supported by Microsoft.
According to the head of the blockchain approach for J.P. Morgan, Umar Farook, this partnership shows that large banking institutions can cooperate with finance technologies and be able to create compelling systems and techniques for the financial markets.
Assets that can be audited
The partnership doesn’t have a significant element that can give trusted controllers the ability to go and make changes after that. Instead, constellation, which is the smart quorum’s private language of the contract, would have the creator to include the public key to all regulators that are relevant when building a financial product, to give them the necessary access, to make sure there is compliance.
According to a senior J.P. Morgan exec, proof of a transaction’s underlying value can take forty seconds, and the process occurs at the last procedure of a smart contract workflow.
The joining of the two technologies will result in an entirely new system of commercial goods developed without the need of the primary authority.
Wilcox also said that for the past seven years, investment in research and proofs-of-concept for blockchain in an enterprise had been carried out extensively, but very little of it has reached enterprise value. That has been due to some blocks into making the businesses successful. One of the significant hindrances of the implementation has been the privacy problem, and this partnership has now the solution to it.
Other Projects Coming up
J.P. Morgan and the Zcash Company announced plans to keep operating in partnership with other businesses building blockchain technologies; therefore, this may not be the only zero-knowledge security layer to be put into practice.
To ascertain the proofs, related but distinct zero-knowledge security layer combinations could include different variables.
J.P. Morgan source said that variables used in the first implementation could be amended since they all came from Zcash to suit into other future interests.
Zcash has plans to be released as open-source software in future as part of the expansion plan to be of interest to new skills. This way, individuals and other firms can experiment and test new uses of the code.