Ernst & Young has unveiled a new solution that it will purportedly accelerate blockchain adoption into the mainstream. EY Ops Chain Public Edition (PE) is the transformative solution that will allow companies to trade privately on Ethereum’s blockchain. The solution relies on zero-knowledge proof for operation.
EY Ops Chain Public Edition
EY Ops Chain PE is the brainchild of EY blockchain labs in Europe. The system is currently patent pending in the UK and in France. The proposed solution will allow companies to issue and sell product tokens on public blockchains. However, transaction records would come with private access.
Once complete, the prototype system will also support payment tokens as well as other tokens that are similar to ERC-20 and ERC-721.
“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,” Ernst & Young says in a statement.
Ernst & Young settled on the Ethereum blockchain in part because it is one of the most used with over 1 million users. The blockchain is also the largest among other private blockchains with a market cap of about $20B USD.
Ernst & Young Uses Zero-Knowledge Proof
The use of zero-knowledge proof algorithm should enable easy transfer of private keys. In addition, the algorithm allows users to show they know a piece of information about a transaction. The same would take place without revealing the actual underlying information.
Consequently, organizations can transact on the same network as their peers in complete privacy without revealing too much to their competitors.
Ernst & Young continues to make inroads in the blockchain space. Recently, it unveiled a set of apps and services that businesses can use to commercialize ledger technology. The company is currently working on the EY Blockchain Private Transaction Monitor. The new system will monitor and keep a record of transactions. Public release of the EY Ops Chain PE and the EY Blockchain Private Transaction Monitor should go live next year.
The global professional services provider is increasingly pushing for blockchain adoption as it looks to accelerate the process. The firm is currently encouraging companies to try and leverage public blockchain such as Ethereum rather than having to build their own private blockchains from scratch.
Ernst & Young has also inked a strategic partnership with Microsoft for the use of blockchain technology in royalties’ management. EY Switzerland, on the other hand, has started accepting Bitcoin (BTC) payments for services offered.
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