EY’s Global blockchain value
There has been a new project that has started with the well known financial company Ernst & Young’s. The company has entered an experimental phase in order to start on its private-transaction project using the Ethereum blockchain for development.
Ernst and Young is one of the largest accounting and consulting firms known in the world. With some great blockchain developments ahead the company is planning on fully supporting and integrating this financial technology in its daily financial activities.
According to reports coming from EY:
“Nightfall integrates a set of smart contracts and microservices, and the ZoKrates zk-snark toolkit, to enable standard ERC-20 and ERC-721 tokens to be transacted on the Ethereum blockchain with complete privacy. It is an experimental solution and still being actively developed. We decided to share our research work in the belief that this will speed adoption of public blockchains.”
The team has also given warnings against using any open source code for actual assets. EY development team has let the community know that:
“This is not intended to be a production-ready application and we do not recommend that you use it as such. If it accelerates your own work, then we are pleased to have helped. We hope that people will feel motivated to contribute their own ideas improvements.”
EY’s global financial service
The EY financial corporation has various clients spanning to a lot of different industries, that are using the blockchain transactions in order to streamline its procedures. Stemming from Supply Chains Management (SCM) to the tracking of food through data flows between these corporations.
This financial powerhouse has many different companies working with them around the globe. Including companies like State Street, AT&T, Coca Cola, General Motors, Hilton, Facebook, Walmart, Amazon among others.
According to EY’s global innovation leader Paul Brody:
“We’re trying to put together an entire suite of capabilities that would include audit and security and would allow an enterprise to say yes we are comfortable that we can do secure, private, reliable and regulatory compliant business transaction on a public blockchain network.”