From JPMorgan Chase to Ethereum: How does on-chain “controllable privacy” change the rules of the blockchain and financial game?

Here's the English translation: The public transparency of blockchain is its core advantage, yet also the resistance most feared by financial giants. In recent years, from JPMorgan to Ethereum, more and more traditional financial and government institutions are actively exploring on-chain privacy technologies to address issues of sensitive data exposure, compliance challenges, and business confidentiality leaks. From zero-knowledge proofs (ZKP) to Account Abstraction (AA) technologies, they are quietly reshaping the financial industry's imagination of blockchain. [The rest of the translation follows the same professional and accurate approach, maintaining the technical terminology and structure of the original text.]

(JPMorgan Blockchain Platform Kinexys Launches GBP Instant Exchange and Remittance Service)

On the other hand, the capital of Argentina, Buenos Aires, also announced last year that it will integrate zk technology into its urban digital service miBA, allowing users' proof documents to be government-certified without revealing information unrelated to the current task.

Evolution of Mainstream Blockchains: Moving Towards the Era of "Controllable Privacy"

Ethereum's L1 privacy roadmap shows that more "selective privacy" modules will be introduced in the future, allowing users to disclose or retain information as needed. Solana, once an "Ethereum killer," also designs with privacy as its core, challenging the traditional blockchain logic of "everything on-chain, nowhere to hide".

(From Wallet Cash Flow Hiding to On-Chain Interaction Anonymity: Vitalik Publishes "Ethereum Minimalist L1 Privacy Roadmap")

These developments are not just technological innovations, but also an integrated response to the diverse needs of regulators, financial industries, and users. Future blockchain systems may be like VPNs, defaulting to public, with encryption and authorization capabilities, achieving more mature data governance.

From Trust to Confidentiality: The Next Step in Blockchain Financial Infrastructure

In high-risk financial application scenarios such as payroll settlement, sovereign reserves, cross-border payments, and securities trading, privacy technologies are no longer a bonus, but a basic threshold. The future trend is not about one privacy technology dominating the market, but about composing suitable tools according to different scenarios and jurisdictional environments.

From the cryptographic advantages of ZKP, to the hardware trust of TEE, to the secure collaboration of MPC and the flexible design of Account Abstraction, these technologies will collectively drive on-chain privacy towards a new stage of practicality, compliance, and commercialization.