The "Big Four" auditor Ernst and Young has launched the prototype of a system that allows secure and private transactions to take place on the Ethereum public network (ETH), according to a press release dated 30 October.
The system, dubbed the EY Ops Chain Public Edition (PE), uses ZKP (zero-knowledge proof) technology, an alternative algorithm to authenticate the entries in the distributed ledger, in which the participating parties provide proof of validity, but all the others information remains encrypted, including their identity.
The prototype is aimed at companies that wish to keep their transaction logs private without having to resort to an authorized private network. Paul Brody, EY's Global Innovation Leader, Blockchain, stressed that:
"With zero-knowledge evidence, organizations can conduct transactions on the same network as their competitors in complete privacy and without sacrificing the security of Ethereum's public blockchain."
The press release emphasizes that the $ 20 billion Ethereum + cap market provides businesses with a level of liquidity that "diminishes" that of any existing licensed blockchain, as well as removing the need to build a private in-house blockchain from scratch.
EY states that it aims to "stimulate" the adoption of corporate blockchains by supporting "both payment tokens and tokens of unique products and services that are similar to the token standards Ethereum ERC-20 and ERC-721". Its offer extends to a prototype for a private transaction Monitoring that captures the transaction history for the next revision.
Both EY Ops Chain PE and EY Blockchain Private Transaction Monitor have been developed by EY Blockchain Labs in London and Paris and are still "patent pending". It is expected that they will be ready for the launch of the complete product by 2019, the press release states.
Ethereum developers have long been working to support zero-knowledge testing on the network, with Vitalik Buterin revealing in the fall 2017 that a network update successfully verified a snark test with zero knowledge on the Ropsten testnet .
Earlier this month, the Dutch multinational banking and financial services company ING announced the release of its more generalized open source blockchain tool, dubbed the Zero-Knowledge Set Membership (ZKSM), which also aims to enable validation data on a blockchain with more privacy.
Also this month, Ernst and Young have published a rigid report that analyzes data for initial initial coin offerings (ICOs) that raised capital in 2017, concluding that they had "done little to inspire confidence" a year later.