United States largest bank, JPMorgan will be releasing an open-source extension that enhance the privacy of a payment mechanisms on Ethereum-based blockchains.
The new tool has been designed as an extension to the Zether protocol which is a privacy-focused payment mechanism that is compatible with Ethereum and other smart contract platforms.
The protocol uses zero-knowledge proof (ZKP) technology and was developed by researchers at Stanford from Stanford University and Visa Research.
According to Oli Harris, the head of JPM’s Quorom and Crypto-asset strategy, in the basic Zether, the account balances and the transfer amounts are concealed but the participants’ identities are not concealed the release of the aforementioned mechanism will solve this.
Harris said the update will make an efficient trustless mechanism for trustless and anonymous payments.
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