“Big Four†accounting firm Ernst & Young has announced a tool that will bring private transactions to Ethereum — a public blockchain platform rather than a permissioned enterprise-grade network.
The company announced in a recent press release that its EY Ops Chain Public EdiTIon prototype (“patent pendingâ€) is the “world’s first†implementation of zero-knowledge proof (ZKP) technology for Ethereum.
ZKP is an encryption method that allows two parties to prove the authenticity of the actual encrypted content without exposing it. Both digital currencies and blockchains are generally data about transactions.
EY's privacy prototype is designed to allow companies to create and sell product and service tokens on the public Ethereum blockchain platform, while maintaining the privacy of access to transaction records. The prototype supports payment tokens "similar" to Ethereum's ERC-20 and ERC-721 token standards, the company said.
"Private blockchains give businesses transactional privacy at the cost of reduced security and resilience," said Paul Brody, EY's global blockchain innovation lead.
“With ZKP, institutions can conduct transactions on the same network as their competitors, in complete confidentiality, without giving up the security of the public Ethereum blockchain.â€
Another solution included in the ZKP prototype is the EY Blockchain Private TransacTIon Monitor, which establishes a record of transactions.
After the company launched its blockchain application and service platform EY Ops Chain in April 2017, the new prototype aims to improve transaction efficiency and scalability, and address the reluctance of enterprises to use public blockchains.
Ernst & Young said the privacy service is scheduled to be released in 2019.
ING Bank also unveiled a simplified zero-knowledge proof technology earlier this month that can be used in banking processes.
Ftth Drop Cable,Cable Ftth,Ftth Fiber Cable,Ftth Fiber Optic Cable
Zhejiang Wanma Tianyi Communication Wire & Cable Co., Ltd. , https://www.zjwmty.com