Ernst & Young (EY) is releasing is zero-knowledge proof (ZKP) private blockchain transaction protocol to the public domain. The company aims to speed up the adoption of secure, private transactions over public blockchains.
The prototype of ZKP protocol was launched in October last year at Ethereum Devon in Prague. At the time, it was a version of EY’s flagship blockchain business application platform called EY Ops Chain. The EY Ops Chain is used on the public Ethereum blockchain.
“Making public blockchains secure and scalable is a priority for EY. The fastest way to spread this privacy-enhancing technology was to make it public. The gold standard in security is only achieved with the kind of intense review and testing that comes with public domain releases,” said Paul Brody, EY Global Innovation Leader, Blockchain.
EY used a sample supply chain model in the public Ethereum network, which encrypts the network and makes it difficult for hackers to compromise the confidential data.
The company is now bringing this technology to the public domain. It will enable secure and private transactions on public Ethereum network, where only authorized entities will be able to see the information. Further, companies will be able to offer traceability and transaction history to auditors and regulators, while controlling the exposure of transactions.
“The most efficient way to maximize blockchain adoption is to release this work to the community as a true contribution, with no strings attached. The only way that blockchains deliver upon their true promise to the world is if public blockchain networks are the preferred path for enterprises and investors,” added Brody.
EY mentioned that its new solution will support fungible token payments that are compatible with the ERC standards.
Software code will be made available for the public domain in the next four to six weeks, following final reviews of the software code.