EY to launch privacy solution for ethereum

Wednesday 31 October 2018 13:07 CET | News

Accounting “Big Four” company EY has announced the launch of a tool that is meant to bring private transactions to ethereum.

The EY Ops Chain Public Edition prototype (with patents pending) is an implementation of zero-knowledge proof (ZKP) technology for ethereum, and it is aimed to allow companies to create and sell product and service tokens on the public ethereum blockchain. At the same time, companies are permitted to keep the access to their transaction records private. Representatives of the company affirmed that the prototype supports payment tokens that are similar to ethereums ERC-20 and ERC-721 token standards.

Moreover, a ZKP is a cryptographic technique, which enables two parties to prove that a secret is true without revealing the actual secret. In the case of cryptocurrencies and blockchains, this is most often data about transactions.
Also, another solution called EY Blockchain Private Transaction Monitor is included with the ZKP prototype, and it is meant to capture transaction history.

The solutions’ goals are to improve transaction efficiency and scalability, and address reluctance among enterprises to use public blockchains. The privacy offering is due for production release in 2019.

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Keywords: EY, Ethereum, cryptocurrency, blockchains, tokens, security, payments
Countries: World