EY Bets on Ethereum’s Public Blockchain with Launch of ZKP Technology
One of the world’s biggest accounting and consultancy firm is backing ethereum’s public blockchain over private blockchains by announcing they have implemented zero-knowledge proofs (ZKP).
Without going into much technical detail, the company says the method is patent pending and may go live next year.
It works with eth itself, and ERC20 or ERC721 tokens, they say, with the accounting firm so creating a method for companies to transact privately on ethereum’s public blockchain.
“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,” Paul Brody of EY says, further addding:
“The biggest challenge for enterprises’ blockchain adoption is the ability to on-board business partners into their private or consortium blockchain network.
Using the standard, secure infrastructure of a public blockchain while keeping their transactions private, businesses greatly reduce the expensive and time consuming process of setting up private networks and on-boarding business partners one at a time.
The development of tools that enhance the capabilities of public blockchains will spur enterprise adoption of public blockchains and are crucial to the growth of blockchain technologies in general.
The ability to ensure privacy while retaining the security and resilience of public blockchains is an important consideration.
It offers an opportunity for enterprises to begin building real-world solutions on public blockchains and is an important step in the evolution of the technology.”
This is one of the very first public blockchain tool developed by an established company. Details are sparse, but they have a whole event in Prague off Devcon and they’re one of the main sponsor of ethereum’s biggest gathering.
With this move so appearing to suggest that we might see a shift in focus by established companies from private blockchains to the public blockchain itself.
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