Ernst & Young Releases Ethereum-Based Zero-Knowledge Proof (ZKP) For Private Payments


One of the biggest auditors EY recently announced the launch of the first zero-knowledge proof (ZKP) technology on the Ethereum public network. The prototype enables firms to privately and securely generate and trade commodity and service tokens on a public blockchain with private access to their transaction records.

The protocol which is named EY Ops Chain Public Edition (PE) utilizes an alternative algorithm for verifying blockchain records, in which participating users present proof of validity. However, all other information remains encrypted that includes the identity of the participants. Currently they support tokens that are similar to ERC-20 and ERC-721, however, they want to diversify soon.

EY wants to use this to target enterprise that wants to keep transaction record private without having to enter a private network. The company’s Innovation Leader for Blockchain, Paul Brody said:

“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.”

With the progress of solutions that improve the capabilities of public distributed ledgers will drive institutional adoption. It is imperative to the growth of blockchain technologies in general. The ability to assure privacy while maintaining the resilience of public blockchains is a significant factor. It allows an opportunity for companies to commence developing real-world resolutions on public blockchains and is an important step in the growth of the technology.

Although the technology has been released, patents are still pending. It is estimated that it will be ready for full-scale launch by early 2019.

ZKPs have been the talk of the town in the crypto and blockchain ecosystem. Earlier today BitcoinExchangeGuide had reported of an Israeli startup, StarkWare Industries, who are working on generating similar zero-knowledge proof technologies. They had secured $30 million in funding headed by Paradigm.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide