LONDON, October 30, 2018 / PRNewswire / – EY today announced the launch of the EY Ops Chain Public Edition (PE) prototype, the world's first implementation of zero-knowledge proof (ZKP) technology on Ethereum's public blockchain. This technology is the first to allow companies to securely and securely create and sell tokens of products and services on a public blockchain with private access to their transaction logs.
EY Ops Chain PE uses ZKP technology to enable private token transfers without interrupting the consent algorithm. This solution is the result of extensive research by EY blockchain laboratories in London is Paris – with pending patents – and supports both payment tokens and tokens of unique products and services that are similar to the Ethereum ERC-20 and ERC-721 token standards. This follows the April 2017 launch of EY Ops Chain, a set of applications and services aimed at helping organizations to commercialize the use of blockchain technology throughout the company.
Paul Brody, EY Global Innovation Leader, Blockchain, states:
"The PE chain of EY Ops is a first application and an important step forward that allows for the adoption of blockchain: private blockchains offer companies the privacy of transactions, but at the expense of reduced security and resilience. on the same network of their competition in complete privacy and without renouncing the security of the public Ethereum blockchain ".
With a market capitalization of around US $ 20 billion and millions of users and investors, the Ethereum public blockchain unmasks any private blockchain in operation. Public blockchains are generally considered safer and more liquid than private systems and become more powerful with the adherence of more companies.
Brody states: "The biggest challenge for companies to adopt blockchain is the ability to integrate business partners into their private or consortium blockchain network. Utilizing the standard and secure infrastructure of a public blockchain by maintaining private transactions, companies reduce costs and the long process of creating private networks and business partners on board one at a time. "
James Wester, Director of Research, Worldwide Blockchain Strategies, IDC, states:
"The development of tools that improve public blockchain capabilities will stimulate the adoption of public blockchains and are crucial for the growth of blockchain technologies in general. The ability to guarantee privacy while maintaining the security and resilience of public blockchains is a important consideration.It offers opportunities for companies to start building real solutions on public blockchains and is an important step in the evolution of technology. "
In addition, this solution includes the EY Blockchain Private Transaction Monitor prototype that captures transaction history for later review.
EY is developing a release roadmap for EY Ops Chain PE and EY Blockchain Private Transaction Monitor which will aim to improve transaction efficiency and time scalability for a production offering in 2019.