Friday, March 29, 2024

EY Prototype enables Private Transactions on Ethereum Public Blockchain

Ernst & Young (EY) on Wednesday announced the aunch of world’s first Zero-Knowledge Proof (ZKP) technology on the Ethereum public network. The EY Ops Chain Public Edition (PE), currently a prototype will help enterprises in the problem of issue and sell products and service tokens through public blockchains while maintaining permissioned access to the history of transactions.

EY, who is still waiting for approval for many relevant patents, developed solutions in London and Paris Blockchain Laboratories. The EY Ops Chain PE took advantage of ZKP technology to allow private token transactions without interfering with the consensus algorithms. This system permits operation with the payment token as well as the product and services token.

The EVO Chain PE adheres to the launch EVOPS chain last year. The latter represents a kit of apps and services, which help companies make commercial use of distributed laser technology (DLT) commercial, which is an umbrella term that involves blockchain.

Paul Brody, the head of innovation in EY blockchain commented: “EY Ops Chain PE is the first-of-its-kind type of application and is a major step that gives the right to adopt blockchain. Private blockchain gives enterprises transactions privacy, but at the expense of less security and flexibility. The organization can deal in the privacy on the same network as a competition and without leaving the safety of public Ethereum blockchain. ”

The widely used public blockchain introduced by Ethereum indicates it more secure and powerful than the private blockchain. In addition, public blockchains provide greater liquidity. With EY’s ZKP-based application, companies will be able to make personal transactions using the public account holder.

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Reduction in expenses

“The biggest challenge for enterprises” is the ability to put business partners in their private or consortium blockchain network on adoption of Blockchain. Brody explained that 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.

The new application includes the EY Blockcon Private Transaction Monitor prototype, which keeps track of transactions. The company is now working on the release roadmap and the EY Ops Chain PE and EY Blockchain Private Transaction Monitor are expected to be available in 2019.

Jon Porter
Along with reporting for BlockToro Jon for works for various big media publications like verge and few other media sites. He is also Dead German Soldier #4 in Wonder Woman. To get in touch with Jon for news reports he published you can email him on Jon@nationaltimes.in or reach him out in social media linked below.

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