Zcash, the privacy preserved cryptocurrency first known as The Zerocoin Electric Coin Company and J.P. Morgan today announced the integration, and the initial release of, zero-knowledge security layer (ZSL) technology on Quorum, J.P. Morgan’s enterprise, smart contract blockchain platform. The combination further unlocks the potential of blockchain technology for enterprise use cases.
[perfectpullquote align=”full” cite=”Zooko Wilcox, CEO of The Zerocoin Electric Coin Company” link=”” color=”” class=”” size=””]“The momentum that is growing behind enterprise blockchain adoption is one of the most exciting trends in technology. This latest development ensures confidentiality while supporting regulatory disclosure, both of which are key requirements for financial industry applications.”[/perfectpullquote]
J.P. Morgan and the Zerocoin Electric Coin Company announced a technology partnership earlier this year in an effort to combine talents in developing a distributed ledger financial technology. Microsoft has also lent its support to the effort. All three companies are members of the Enterprise Ethereum Alliance.
[perfectpullquote align=”full” cite=”Umar Farooq, head of Blockchain Initiatives at J.P. Morgan” link=”” color=”” class=”” size=””]”Today’s announcement is a prime example of how big banks and fintechs can work side-by-side to build groundbreaking technology for the financial markets.”[/perfectpullquote]
Quorum is an enterprise-focused version of Ethereum. It is ideal for any application requiring high speed and high throughput processing of private transactions within a permission group of known participants. Quorum addresses specific challenges to blockchain technology adoption within the financial industry, and beyond. J.P. Morgan and the Zcash declared they will continue to work with the broader enterprise blockchain community to integrate their feedback and ideas into future versions.
[perfectpullquote align=”full” cite=”Marley Gray, Principal Program Manager for Blockchain at Microsoft” link=”” color=”” class=”” size=””]”The implementation of ZSL for Quorum represents an important application of zero-knowledge proofs to the challenge of building a distributed trust infrastructure for enterprises. I expect that this is merely the first of many applications for this exciting technology.”[/perfectpullquote]