The privacy feature also obscures the identity of who is sending the money, JPMorgan confirmed to CoinDesk.
JPMorgan built an extension to the Zether protocol, a decentralized blockchain-based system for confidential payments. Zether is compatible with ethereum and other blockchain platforms. It aims at adding another layer of anonymity to transactions.
“In the basic Zether, the account balances and the transfer accounts are concealed but the participants’ identities are not,” JPMorgan’s head crypto-assets strategy Oli Harris, told CoinDesk. “In our implementation, we provide a proof protocol for the anonymous extension in which the sender may hide herself and the transactions recipients in a larger group of parties.”
JPMorgan made the privacy extension available May 28. The bank is likely to use the new features with its homegrown blockchain system Quorum, CoinDesk reports.
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