Ernst And Young Released Ethereum-Based Zero-Knowledge Proof To Make Transactions Private
Major accounting firm Ernst and Young (EY) just released some interesting details about a new blockchain prototype that can allegedly take Ethereum transactions private. Dubbed as EY Ops Chain Public Edition (PE), EY touts the protocol the world’s first implementation of zero-knowledge proof (ZKP) technology on the public Ethereum blockchain.
For the layman, ZKP is a method of validating data that enabled blockchains to confirm transactions without necessarily revealing private information pertaining to the transactions. Making the transactions more secure as no sensitive data is actually exchanged. Aimed at allowing companies to transact privately and securely, to create, issue, and sell the new cryptocurrency token that resembles ERC-20 and ERC-271. The transaction is done via the Ethereum public blockchain, all while keeping transaction data private. EY exec Paul Brody elaborates:
“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.”
Until now the transactions data could only be kept private by using closed, permissioned distributed ledger (DLT) systems like Hyperledger Fabric, or IBM Blockchain Platform. The press release further mentions that while the prototype has a special kind of private transaction monitor, to record the transaction history for later review.
The enterprise version of the ZKP- powered blockchain prototype shall be live by the next year. Notably, the founder of ethereum, Vitalik Buterin is working to bring something similar to ZKP on the network. He elaborates the aid that the zero-knowledge proofs could provide to make the network more efficient in a recently released academic paper, that he has co-authored.
The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.” Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.