Ethereum News

EY aims at making transactions on the Ethereum blockchain private

EY, one of the world’s leading accounting firm, has publicly declared its intentions of making transactions on the Ethereum blockchain private.

Through a press release, EY noted that its version of the Zero-Knowledge Proof (ZKP) is the first to be used on a public blockchain like Ethereum. The technology dubbed ‘EY Ops Chain Public Edition’ prototype will “allow companies to privately and securely create and sell product and service tokens on a public blockchain with private access to their transaction records.”

The usage of ZKP by EY will not interfere with the underlying consensus algorithm on Ethereum and will support payment, unique product, and services tokens that have ERC-20 and ERC-721 characteristics as used on the Ethereum platform.

According to Paul Brody, Leader, EY Global:

“The biggest challenge for enterprises’ blockchain adoption is the ability to on-board business partners into their private or consortium blockchain network. Using the standard, secure infrastructure of a public blockchain while keeping their transactions private, businesses greatly reduce the expensive and time-consuming process of setting up private networks and on-boarding business partners one at a time.”

James Wester, Research Director, Worldwide Blockchain Strategies, IDC, commented that the move by EY to polish the capabilities of public blockchains will increase the adoption and perception of public blockchains leading to the growth of distributed ledger technologies.

Wester added that using ZKP technology on a public blockchain will encourage businesses to start solving real-world problems using blockchains. This will lead to “the evolution of the technology.”

However, even with the privatization of transactions on public blockchains, EY will keep a history of these transactions through the EY Blockchain Private Transaction Monitor platform.

EY indicated that the production release of the new prototypes will be in 2019.

Do you think EY’s aim of making transactions on the Ethereum blockchain private will encourage enterprises to utilize public blockchains?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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