Top accounting firm EY recently hinted that it would be launching a new tool that will bring private transactions to the Ethereum (ETH) network. This is for the public blockchain, and not a permissioned, or enterprise version of the ETH network.
Speaking via a press release this Tuesday, EY announced that it’s EY Ops Chain Public Edition prototype will be the world’s first ever implementation of the zero-Knowledge proof technology designed for Ether.
What is the Zero-Knowledge Proof Privacy Solution (ZKPs)?
The Zero-Knowledge Proof Privacy Solution or ZKP is a cryptographic method that let’s two parties prove beyond any doubt that a secret is true without having to reveal the secret itself. In the case of digital assets and blockchains, this is often related to data about transactions.
The new privacy prototype from EY is aimed at allowing companies to create and sell products and service tokens via a public Ethereum (ETH) blockchain while also ensuring access to their transaction records and keeping them private. According to EY, the prototype accommodates payment tokens “similar” to Ether’s (ETH) ERC-20 and ERC-721 standards.
What About The EY Blockchain Private Transaction Monitor?
Also included with the Zero-Knowledge Proof Privacy Solution is another solution from the startup called the EY Blockchain Private Transaction Monitor. This option is designed to capture transaction history. Only being released after the firm’s blockchain apps and services platform launch known as the EY Ops Chain back in April last year, the new prototypes will be aimed at improving the efficiency of transactions. It will make scalability better and address the issue of reluctance among enterprises when it comes to public blockchain usage. This privacy offering is set for production and release sometime in 2019, according to the company.
Ethereum (ETH) Price Today – ETH / USD
Also moving to adopt a blockchain privacy technology, ING Bank hinted at a simplified ZKP technology for potential use in the banking sector.