EY Launches The First Zero-Knowledge Proof Technology On Ethereum
31 October 2018
EY is set to implement the first zero-knowledge proof technology to allow users to securely create and sell service or product tokens on the Ethereum public blockchain.
The company will use ZKP (Zero-Knowledge proof) technology to facilitate the private transfer of tokens following the consensus algorithm. The solution results from extensive research conducted by EY blockchain labs in Paris and London — with patents pending.
According to the company’s press release, the ZKP technology supports unique services and product tokens, as well as payment tokens similar to Ethereum’s ERC-721 and ERC-20 tokens. The technology follows the launch of EY Ops Chain — a combination of services and applications designed to commercialize the blockchain technology — in April 2017.
The company’s global innovation leader Paul Brody says EY Ops Chain public edition is a unique application that highly empowers blockchain adoption. The zero-knowledge proofs allow organizations to transact on the same network as their competitors, without compromising their security, privacy or resiliency on the Ethereum public blockchain.
With millions of investors and users, the Ethereum public blockchain has a market capitalization of around $20 billion — beating any private blockchain in existence. Public blockchains are perceived to offer better liquidity and security compared to private systems, and they grow stronger as more companies join.
According to Brody, the biggest problem facing the adoption of the company’s blockchain technology is the ability to bring in business partners in their private blockchain network. By using the secure infrastructure of a public blockchain, without sacrificing the privacy of transactions, businesses can greatly cut down the strenuous process of setting a private network.
Blockchain experts believe that the creation of tools that empower the abilities of public blockchains will boost enterprise investment and general growth. The resilience and security of the technology will allow companies to build real-world solutions, crucial for its evolution.
Furthermore, the ZKP solution comes with the EY Blockchain Private Transaction Monitor that records transaction history for review. The company is currently working on a release roadmap for this prototype and EY Ops Chain PE with the aim of improving scalability and efficiency by 2019.