JP Morgan Chase, the top banking firm of USA has developed a Privacy Enhancing Tool. As the name suggests, It will protect the payment systems that make use of the Ethereum based blockchain. This tool is possibly an extension of the Zether payment mechanism. It uses zero-knowledge proof (ZKP) technology.

JPM’s Privacy Enhancing Tool will be open-source. The bank will implement it on its native blockchain platform Quorum. In a recent interview, Oli Harris, JPM’s head of Quorum and crypto-assets strategy explained about the tool. He says, in Zether the balance and transfer amounts remain hidden. However, the user’s details are not hidden. Now with the new system will help hide the user identities.

The bank will provide a proof protocol for an anonymous extension. This will enable the sender to hide her identity as well as the recipients. JPM is hopeful that, the new privacy tool will be an efficient mechanism for trustless and anonymous payments.