JPMorgan Chase is working on a new twist on the technology behind bitcoin that would allow the bank to use a publicly available system for confidential transactions. 

The move is a break with how some banks have approached the use of a bitcoin-style network, known generally as the blockchain, to try to replace creaking old systems with faster new technology. Instead of creating a completely new private blockchain, JPMorgan engineers say they have found a way to limit access to transactions shared via a network to people who need to know the details, like parties to the trade or a regulator.

The project - called Quorum - is being built off the publicly accessible Ethereum network code. JPMorgan, run by CEO Jamie Dimon, plans to share its new code for its system with outside developers, something the bank has recently started doing as a way to entice top engineers to work with the bank and take advantage of the latest developments in blockchain.

It also is a vote of confidence in Ethereum, which is the network where a separate application created by venture-capital firm DAO was hacked, leading to the theft of $55 million worth of digital currency.  Despite high-profile hacks and other technical problems with bitcoin, Ethereum, and other virtual currencies, banks remain enamored with the idea of using the new technologies to cut costs and make a whole host of processes simpler and more efficient.