Towards the end of October, EY announced the launching of EY ops Chain Public Edition. This is the world`s very first enhancement of the ZKP- Zero Knowledge Proof technology boosting the public Ethereum Blockchain. The technology will be the first of its kind and will allow agencies to securely and privately sell and create services and products tokens through a public blockchain, as they privately monitor all transactions.
ZKP technology allows is used by EY ops Chain PE to allow private tokens to transfer without tampering with the consensus algorithm. The solution was the result of extensive consultations and research in the EY Blockchain labs in Paris and London.
The development will support both the unique product and services tokens and the payment tokens that are the same with the Ethereum ERC-721 and ERC-20 token standards. This invention comes after the launch of EY ops Chain in April 2017. This development focused on assisting organizations to commercialize blockchain application throughout the industry.
Paul Brody’s view of the innovation
According to Paul Brody, the group’s innovation leader,
This development Is unique in the sense that would encourage blockchain assimilations. While the private blockchains provide privacy for enterprise transactions, the security is jeopardized, he alludes.
However, with the adoption of this latest innovation, all transactions will take place on a similar network. As their competitors, but at the discretion of all private information. Brody further adds,
The biggest problem facing the blockchain adoption by businesses is the power to convince business partners to adopt a private operating blockchain.
The businesses use secure and standard infrastructure in the public blockchain. Moreover, they maintain their privacy and hugely reduce the time consuming and expensive process. This comes with setting up the privatized network and later incorporating all partners in it, “says Paul.
James Wester’s view on the same
James Wester is the research director at the Worldwide Blockchain strategies. According to him, “Developing tools that can be potential of public blockchains will help catapult the assimilation of the public blockchains and they will be very vital in the general growth of the blockchain technology. Moreover, he adds,
The move not only helps to improve business but also provides a platform for companies to start developing real-world solutions on any public domain.
On top of this solution, is the EY Blockchain Private Transaction Monitor prototype. This will assist the businesses to keep all transaction history for future reference.