JPMorgan, the world’s largest bank has partnered with the Zcash team to provide a new layer of privacy for users in its corporate blockchain. The announcement was unveiled at Consensus Summit 2017. JPMorgan and Electric Coin Company are now in the process of integrating ZSL, a security layer of zero knowledge designed for security and anonymity, to settle transactions in the blockchain that were previously conducted elsewhere. The Zcash technology will be integrated with the Quorum, built on Ethereum platform. Thus, apart from smart contracts, Quorum also be able to provide a higher level of confidentiality when dealing with digital assets.
“Adding to the platform layer Quorum Zero-knowledge, we are able to learn this advanced technology to improve the Privacy financial applications of the next generation”, – said the head of JPMorgan blockchain development, Suresh Shetty.
While the zero knowledge security layer is crucial to anonymous transactions at Zcash, the technology itself was designed to enable a wide range of networks to safely establish digital assets.
After the association was made public, confidence in the privacy-oriented cryptocurrency increased in the market, giving a huge boost to its price. Zcash, which for the afternoon of May 21 was trading at $106 per unit, witnessed a triple fold jump and corrected later, at the time of writing Zcash was being traded at $231.42.
This year Zcash already closed partnerships with other institutions, such as the Brazilian startup coinBR, being the only company in Brazil to integrate Zcash in its Smart Wallet portfolio with support for bitcoin and the very Zcash.
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