The accounting firm "Big Four" EY has announced a tool that says it will bring private transactions on ethereum: this is the public blockchain, not an authorized corporate version of the network.
The company announced in a press publication On Tuesday his prototype EY Ops Chain Public Edition ("with pending patents") is the world's first "zero-knowledge proof" (ZKP) technology for ethereum.
ZKPs they are a cryptographic method that allows two parties to prove that a secret is true without revealing the actual secret. In the case of cryptocurrencies and blockchains, this is most often transaction data.
EY's privacy prototype aims to enable companies to create and sell tokens of products and services on the public domain blockchain while maintaining access to their transaction records. The company claimed that the prototype supports payment tokens that are "similar" to the ERC-20 and ERC-721 token ether standards.
"Private blockchains offer companies the privacy of transactions, but at the expense of reduced security and resilience." said Paul Brody, EY's global innovation leader for blockchain, adding:
"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."
Also included with the ZKP prototype is another solution – EY Blockchain Private Transaction Monitor – which captures transaction history.
After the launch of the EY Ops Chain blockchain app and services platform in April 2017, the new prototypes are aimed at improving the efficiency and scalability of transactions and addressing the reluctance between companies to use public blockchains. The privacy offer is scheduled for release of production in 2019, according to EY.
Even moving to adopt privacy blockchain technology in a traditional financial context, ING Bank at the start of this month launched a simplified, zero-test technology for potential use within banking processes.
EY image via Shutterstock