The accounting and consultancy firm Ernst & Young (EY) is backing Ethereum’s Implementation of Zero-Knowledge Proof (ZKP). The company said that the method may go live the next year allowing companies to securely transact on a public network. The information was released by EY in a press release a few days ago.
EY Announces ‘EY Ops Chain Public Edition Prototype’
EY has decided to announce the new EY Ops CHain Public Edition (PE) prototype. This is the world’s first implementation of the ZKP technology on the Ethereum blockchain. The main intention behind this decision is to allow companies to have enhanced privacy. Firms will create and sell product and service tokens using a public blockchain with private access to transaction records.
The EY Ops Chain PE will use ZKP technology and enable private token transfers. Everything would be performed without breaking the current consensus algorithm.
The company wrote on the matter:
“This solution is the result of extensive research by the EY blockchain labs in London and Paris – with patents pending – and supports both payment tokens and unique product and services tokens that are similar to the Ethereum ERC-20 and ERC-721 token standards.”
Paul Brody, EY Global Innovation Leader, Blockchain said that this is the first-of-its-kind app and major step forward to increase blockchain adoption. According to him, private blockchains allow enterprises to have more privacy in their transactions. Additionally, these firms are able to transact using the same network as competitors with an increased privacy.
Brody explains that one of the biggest challenges for enterprises to adopt blockchain technology is to onboard other partners into a private blockchain network.
About it, he commented:
“Using the standard, secure infrastructure of a public blockchain while keeping their transactions private, business greatly reduce the expensive and time-consuming process of setting up private networks and on-boarding business partners one at a time.”
Moreover, James Wester, Research Director, Worldwide Blockchain Strategies, IDC, said that these new capabilities of public blockchains will help increase enterprise adoption. It will also be possible to ensure privacy and retain security.
EY explains that the solution includes the EY Blockchain Private Transaction Monitor prototype. As per the official press release, this prototype captures transaction history for a later review. EY wants to release it in 2019.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.
