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Ernst & Young (EY), one of the "Big Four" public service companies, has developed a solution that allows companies to fully enjoy the benefits of private transactions on a public blockchain. This called the EY Ops Chain Public Edition (PE).
Working on Ethereum's public blockchain, the solution takes advantage of the privacy benefits of zero knowledge (ZKP) and security or Ethereum itself, which is powered by thousands of distributed computers spread across the world. The audit and consulting service company EY has an international presence with over 250,000 employees in 150 countries. The company has been at the forefront looking for different ways to stimulate the take-up by companies of blockchain technologies.
The Zero-Knowledge test is a verification protocol in which transaction authentication can be performed without exchanging passwords. Since there is nothing changing, it means that nothing can be stolen to ensure safety. ZKP offers unprecedented security and protection during communication, because companies in the future exchange files, execute transactions and literally transform the concept of online privacy.
EY Ops Chain Public Edition (EP) to promote the adoption of blockchain
According to PRNewsWire, the incorporation of ZKP on the Ethereum blockchain will drastically reduce entry barriers. This is due to the fact that the adoption of companies should make their offers in a standardized way and transfer the tokens themselves privately on a secure platform without interrupting any consent algorithm.
EY's innovative solution is the first of its kind and a product of their tireless research and development at EY blockchain laboratories, whose offices are in London and Paris. Apart from the PE version, infused in the same technology would be the tracking features called EY Blockchain Private Transaction Monitor. However, the technology is still under review. Nonetheless, it would be useful once it is published.
Speaking of the launch, Paul Brody, the leader of EY Global Innovation said:
"The PE EY Ops chain is a first application and an important step forward that allows for the adoption of blockchains.The private blockchains offer companies the privacy of transactions, but at the expense of reduced security and resilience. zero, organizations can conduct transactions on the same network as their competitors in complete privacy and without sacrificing the security of the Ethereum blockchain audience. "
The advantages of private networks on public blockchains such as Ethereum
Although the blockchain is transformative and even disruptive, its only warning is the transparency and openness behind its operations. Security is practically guaranteed. But this comes at the expense of privacy in a trilemma along with decentralization. Some entities and large corporations are very protective of their data and do not want to sacrifice. Therefore, by creating a solution that manages privacy while maintaining the security of the masses, EY has literally dissolved the previous impediments that hindered the general adoption of the blockchain.
Moreover, with ZKP it is not necessary for companies to start from scratch with expenses, time and money developing their own protocols. Although private blockchains are advantageous in terms of scalability, immutability and speed, they lack the technical know-how and the incentive necessary for companies to develop their own.
Ethereum remains a go-to platform for smart contract and the development of dApp, which is reflected in the number of projects and applications on the chain that choose it compared to other alternatives. Developers continue to devise several ways to solve scalability, with Vitalik Buterin offering zk-SNARKs and other updates in the pipeline. Once implemented, Ethereum will be a better, safer and faster blockchain, further encouraging adoption and a subsequent increase in the market value of ETH.
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