Head of development of blockchain in the Bank JP Morgan, the Bold amber (Amber Baldet) spoke about the fact that her team is facing the same challenges as any company trying to create a public blockchain.
«Our problems are really not so far from each other, just people trying to solve them in different ways,» Bolden told the audience at the Paris conference EtCC dedicated to Ethereum.
During a speech to the Bold spoke about the technical side of the blockchain private Bank – Quorum, at the same time trying to tell you how JP Morgan, one of the largest banks in the world, is seeking to expand cooperation in industry of the blockchain.
Quorum — the first project developed by JP Morgan in the Blockchain Centre of Excellence (BCoE). It is based on a fork of the software Ethereum. The Bolden spoke in detail about how she’s trying to communicate with the cryptocurrency community, trying to come to an agreed position. According to the Bold, these discussions are critical to mutual learning and improve the skills of both sectors of the industry. While open and closed blackany often opposed to each other, Bolden said: «I don’t think these two things are so different or necessarily mutually exclusive».
Businesses can place their own networks, separating them from the open network, but to publish the data to take advantage of security and control, which provide open blackany. The bold said:
«It is most likely that eventually we will come to some kind of hybrid option, which I hope will be able to communicate properly with each other.»
The creation of the Association
The bold believes that the company is responsible to create a simple, user-friendly software that can interact with existing technologies and work on solutions to ensure compatibility, such as Cosmos, Polkadot and Interledger that will allow the block chain to share data.
The Bolden also warned about what she called «cryptovolcanic» — the splitting of the communities of the block chain on unable to communicate with each other groups, «virtual continents on the political axes,» which can «weaken privacy and make interoperability harder.»
Between the two extremes of distributed registers and public blockchains like Ethereum is «something in between», which Bolden called «shared infrastructure». Such a system would allow the block chain to communicate, while meeting the requirements of various camps, and, according to Bolden, is the best way of ensuring equal access to the full Internet. She said:
«We will need to try to work on software not only to one or other group that will continue to divide us, but actually to combine our efforts.»
Small closed universes
From this point of view the Bolden explained that the Quorum and the Ethereum are quite similar, since 95% of software, in her estimation, it is the same in both versions. However, unlike the open blockchain Ethereum, Quorum designed to run in a managed setting, where each node in the network identificireba a few public and private key.
Using these keys, smart contracts can be addressed to any node in the network, opening the possibility of closed operations, a hash which is then verified and stored in the blockchain Quorum. But because of privacy requirements for business, or «opportunities to complete transactions or to transmit information, not compromising them,» explained the Bold, there are other levels of privacy networks.
In the past year the project has collaborated with Quorum focused on cryptocurrency privacy zcash for integrating security level of zero disclosure on top of its blockchain. A tool called «design layer zero disclosure» (zero-knowledge settlement layer) allows you to use tokens with zero disclosure, which reveal only the information concerning the number of transactions and property rights and nothing in addition.
«Identifying ways of balancing privacy and data transfer is crucial. Not only for business but also for public initiatives».
A feedback circuit
Another important change is the advantage that the closed blackany can get from scalability, thereby stopping the overload of the open block chain, bringing some projects outside the network. Approaching the platform and supporting its development, «Quorum benefits from all the safety studies and scaling occurring in the core network Ethereum,» said the Bold and added:
«Conversely, if someone creates an application that requires more computing power or more space than required for effective operation of the Ethereum network, it starts to affect Quorum. Innovation go in both directions».
In anticipation of the release of new interoperability protocols such projects can continue to cooperate and support each other in the alternative, configured media, as he called them the Bold — «their own little universes.»
As part of the launch Ethereum Enterprise Alliance in the past year, the founder of Ethereum Vitalik Buterin demanded cooperation between public blockchains and companies, stating that «we have common problems.»