EY Launches World’s First Secure Private Transactions On Public Ethereum Blockchain
Ernst & Young or EY, has launched a prototype system using the zero-knowledge proof (ZKP) technology that enables secure and private transactions on the public Ethereum blockchain. The final product is expected to be launched in 2019.
The ZKP technology used for the prototype system called EY Ops Chain Public Edition (PE) is expected to allow companies to privately and securely create and sell product and service tokens on a public blockchain with private access to their transaction records.
The ZKP technology allows organizations to transact on the same network as their competition in complete privacy and without giving up the security of the public Ethereum blockchain.
The solution supports both payment tokens and unique product and services tokens that are similar to the Ethereum ERC-20 and ERC-721 token standards. It also includes the EY Blockchain Private Transaction Monitor prototype that captures transaction history for reviewing later.
