· EY has launched EY Ops Chain Public Edition, a private transactions service on the Ethereum network
· This ensures that participants can enjoy the benefits of both a private and public blockchain
· The service also makes use of Zero-knowledge proof
The world’s first private transactions over the Ethereum network has been launched. This launch comes courtesy of Ernst and Young, a top-four accounting firm.
This platform is called EY Ops Chain Public Edition and allows companies to carry out their transactions via the Ethereum network. With this, product and service tokens can be securely sold over the Ethereum network and those who participate in the sale will be able to access private records of their transactions.
How it works
This will provide the best of both the worlds as while the okes will be traded on the open-source Ethereum platform, the participants will enjoy some level of privacy.
Paul Brody, EY blockchain global innovation leader at EY, stated that this new development is the first of its kind and is geared towards pushing 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.”
This is also a first for Ethereum as this is the first time zero-knowledge proof technology is being used on it. A zero-knowledge proof is a rather interesting concept that has seen a new application in banking in Europe.
A zero-knowledge proof is a form of technology that allows participants in a transaction to prove that they have certain information at their disposal without having to actually reveal the information in question.
Brody stated that one of the biggest challenges that blockchain adoption faces in the corporate world is the ability to onboard clients unto private blockchains but that “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.”
This system is one that can inspire confidence in investors as they enjoy the benefits of both public and private blockchain usage.
With time, more firms might adopt this method and the collective reluctance to make use of blockchain for business transactions will be eliminated.