EY announced its unique EY Ops Chain Public Edition (PE) prototype today which will help in enabling secure private transactions on the Ethereum blockchain. It would be the first implementation of zero-knowledge proof (ZKP) in the world, which will add more privacy and security to Ethereum’s public chain. It will also help in lowering barriers to adoption of blockchain technology while enabling full traceability of all private transactions.
Private Sales Allowed on the PE
The EY Ops Chain Public Edition (PE) will allow companies to securely and privately create service and products tokens and sell them on the blockchain. It will also allow private access to transaction records. The ZKP technology used in the PE prototype will be used to “enable private token transfers without breaking the consensus algorithm.”
EY blockchain labs in Paris and London have worked together on this patent-pending technology which supports unique products and services along with payment tokens. The tokens on the platform will be similar to the ERC-20 and ERC-721 tokens.
EY Global Innovation leader Paul Brody commented on the PE functionalities, saying:
“EY Ops chain PE is a first-of-its-kind application and a major step forward that empowers blockchain adoption. Private Blockchains give enterprises transaction privacy, but at the expense of reduced security and resiliency. With zero-knowledge proofs, organizations can transact on the same network as their competition in complete privacy and without giving up the security of the public Ethereum blockchain.”
Breaking the Barriers to Blockchain Adoption
The Ethereum blockchain is the second largest in the world with over $20 billion in market capitalization. Many new ICOs are launched on the blockchain platform every year following the ERC-20 standards. Through smart contracts, it introduced a more organized and streamlined transaction system to the world.
Some enterprises could be shy of using public blockchains, owing to lack of privacy. Therefore, they shift to private blockchain networks. Brody explains that even these networks are not free of issues. Enterprises may have a hard time on-boarding their business partners to their network. Using a public blockchain, they can mitigate these issues completely, and with the PE prototype, they can enjoy privacy while using a popular public blockchain.
EY’s current solution will also include a prototype of the EY Blockchain Private Transaction Monitor that will store transaction history.