Post a Comment Print Share on Facebook

JPMorgan: the development of Ethereum-based Blockchain Quorum

the JPMorgan Chase developed with the London-based Start-up, Aztec the on Ethereum-based Blockchain Quorum. The privacy is expected to improve as a result. A s

- 4 reads.

JPMorgan: the development of Ethereum-based Blockchain Quorum
the JPMorgan Chase developed with the London-based Start-up, Aztec the on Ethereum-based Blockchain Quorum. The privacy is expected to improve as a result. A second Generation of Zero-Knowledge Proofs in the AZTEC Protocol is to allow.

Max Halder
At the 2. March 2019ETH$132,70 -2.12%part Facebook Twitter LinkedIn xing mail

The largest investment Bank in the world, JPMorgan and its CEO Jamie Dimon over the years again and again in the headlines in the crypto-Space. The statements of Jamie Dimon swing like a pendulum from one Extreme to the other: Time, Bitcoin is a fraud, at other times he shows himself penitent, whether or not his judgment. In January, the Bank announced that they will launch their own crypto-Coin. Now it is known that the in-house Blockchain Team is working on a further solution to the privacy problem.

JPMorgan has a great interest in Blockchain

JPMorgan is already working since the beginning of 2016, an Ethereum-based Blockchain, called Quorum, in order to optimize internal processes and to accelerate international payments considerably. It is, however, aspects of data protection, which in turn is associated with additional costs and slower transactions. At this point, the investment Bank want to work screw now, with support from the London-based Start-up company Aztec. The word of the hour in this context, Zero Knowledge Proof (ZKP), a kind of proof without content. Sounds like a paradox, mathematically, however, can be realized. Consider, for example, the zk-SNARKS-log of Zcash.

Zero Knowledge Proof

to solve The Problem, a ZKP is attempting to cast the Taiwanese computer scientist Andrew Yao. It was known as Yao's millionaire problem in the story, and reads as follows: "Two millionaires wish to know who is richer. However, you don't want to find out inadvertently any additional Information about their mutual wealth. How can you lead such a conversation?“ With the Zero Knowledge Proofs (ZKP) it is possible to detect a statement about a particular data set as true, without knowing the data set itself. The mathematical Foundation of these ZKPs is quite complex. Software developer, JPMorgan try "to make the Zero-Knowledge Proofs presentable" was confirmed by a JPMorgan Insider.

Unusual partnership

The Liaison of the two companies could not be stranger: JPMorgan puts at work with the Blockchain on completed systems. Even the JPM Coin that is run on the Quorum-Blockchain will probably be only for selected institutions. Quite different is the music playing at the Aztec: The objective was to bridge the gap between the private, so closed block chains and public, so open block chains. Tom Pocock, CEO, Aztec, wants "the best of the Best of both worlds". He came to his destination a little closer, makes him proud: "Our Protocol is now being tested by the most important Bank in the block chain sector: JPMorgan."

also Read: Blockchain-companies – gender gap even larger than in other tech companies

Aztec: What we do differently

Aztecs approach to privacy differs fundamentally from the previously, in the case of Quorum for the next use attempt. So the Quorum concept is to the auditors of a mixture of Zero Knowledge Proof and the classic Third. "Our approach is based on the public block chains, so how you can carry out transactions if there is no separate Keeper, the access to the actual data?" said Dr. Zac Williamson, CTO at Aztec. Technically, the Aztec sets with a special form of ZKPs, the so-called Range Proofs, in order that with other cryptographic methods would be combined. Range Proofs, the key element that reduces the size of the storage volume of transactions and on the other hand, the speed increases. So JPMorgans would be supported goal of reducing costs.

Interesting Williamson's borrowing from the world of Bitcoin is, when he describes the concept of your Zero Knowledge Proof: One could think of it as the Unspent Transaction Outout (UTXO) in the case of Bitcoin. "The end-user sends a ZKP, with which he proves that the sum of the Inputs to the sum of the Outputs is similar. If you know that, you don't need to know the contents of the individual Inputs and Outputs. You know that the transaction is both mathematically correct and at the same time, the Problem of Double Spending is avoided,“ says Dr. Williamson.

Finally, Williamson formulated according to Pocock, the aim of Aztec. It was a matter of Bridging the gap arising due to legal or contractual problems with data storage on a public Blockchain. If we do that, "would be a lot of reasons, for private block chains from the table." This would indicate that between Aztec and JPMorgan a conflict of interest exists. But overall, the statements remain nebulous, as you could read the direction of impact of Aztec.

You're a Blockchain or crypto-Investor? : The digital crypto-compass is the first market letter for digital currencies, and provides you with monthly exclusive assessments and comprehensive analysis of the current situation on the Blockchain and crypto-markets. the for free Now

Avatar
Your Name
Post a Comment
Characters Left:
Your comment has been forwarded to the administrator for approval.×
Warning! Will constitute a criminal offense, illegal, threatening, offensive, insulting and swearing, derogatory, defamatory, vulgar, pornographic, indecent, personality rights, damaging or similar nature in the nature of all kinds of financial content, legal, criminal and administrative responsibility for the content of the sender member / members are belong.