Accounting services firm Ernst & Young (EY) has announced that it will be releasing its zero-knowledge proof (ZKP) privacy solution into the public domain to help accelerate the adoption of secure, private blockchain transactions.
The prototype of the ZKP private transaction protocol, called EY Ops Chain Public Edition (PE), was first unveiled in October 2018 at Ethereum Devcon in Prague. The prototype included a sample supply chain model built in the public ethereum network using the private transaction technology and a challenge to developers and hackers to find flaws in the encryption and unmask the private information. The prototype reportedly allowed EY teams to significantly reduce transaction processing costs for prototype users by more than 90%, utilizing a combination of better data encoding and a more efficient ZKP protocol
Since the original solution debut, EY teams have worked to improve performance of the solution based on ZKPs, and will now release this technology into the public domain. The solution will allow companies to privately and securely create and sell product and service tokens on the ethereum blockchain with private access to their transaction records. It will support fungible token payments compatible with the ERC-20 standard and unique asset transfers compatible with the ERC-721 standard.
“Making public blockchains secure and scalable is a priority for EY,” said Paul Brody, EY Global Innovation Leader, Blockchain. “The fastest way to spread this privacy-enhancing technology was to make it public. The gold standard in security is only achieved with the kind of intense review and testing that comes with public domain releases.”
The software code is undergoing final reviews and is expected to be released into the public domain in the next four to six weeks.
EY also announced a suite of blockchain solutions and upgrades, including the launch of EY Smart Contract Analyzer, a smart contract testing and security service for the public ethereum blockchain, EY Blockchain Analyzer, a blockchain analytics tool designed to facilitate EY audit teams in gathering an organizations entire transaction data from multiple blockchain ledgers, and the second generation of EY Ops Chain.
Popular stock market and crypto trading app Robinhood is going after legacy banks with the relaunch of a cash management… Read More
According to an OECD report on counterfeiting, the world trade in fake goods is worth upwards of S$624 billion a… Read More
Who would have known American football and cryptocurrency would go so well together? In a press release, The Miami Dolphins… Read More
Increasing amounts of capital are flowing into the crypto and blockchain start-up markets. By following the money, investors can uncover… Read More
David Koepsell is the co-founder and chief executive officer of Encrypgen, a software company creating next-generation blockchain solutions for genomic… Read More