For Private and Secure Transactions on Ethereum, Ernst & Young Launches a Zero-Knowledge System

A press release dated 30th October revealed that Ernst & Young has successfully launched a system prototype that will make it possible for transactions to be carried out securely and privately on the public network of Ethereum.

This new system unofficially referred to as EY Ops Chain Public Edition utilizes the Zero-Knowledge proof technology, used for the authentication of distributed ledger entries, where the parties involved brings with them a proof of validity, but every other detail will remain encrypted.

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This prototype was launched to target enterprises that intends to preserve their transactions privately without resorting to an authorized private network.
This press release reveals that the market cap of over $20 billion offered by the Ethereum network provides for enterprises some level of liquidity, coupled with exempting the need for the creation of a private blockchain from the onset.

Ernst & Young revealed that it plans to encourage enterprises to adopt blockchain, by supporting the stand-out products and services as well as payment tokens, which have similar characteristics to Ethereum token standards ERC-721 and ERC-20. This offer has also been made available for a Private Transaction Monitor Prototype.

The developers of Ethereum have been for a long time striving hard to have the network’s support of Zero-Knowledge proofs, with founder Vitalik Buterin saying in 2017 that an upgrade of the network had been verified successfully on the testnet, a Zero-knowledge proof.

At the start of October 2018, ING (a financial services company) announced that it has revealed its own blockchain tool which is open sourced and more generalised, referred to as ZKSM: Zero-knowledge Set Membership, which also aims to make possible, an increase in privacy as well as blockchain data validation.

Also in October, a stark report was released by Ernst & Young which analysed data for 2017’s top rated Initial Coin Offerings (ICOs), and concluding that after a year, they have done very little to stimulate confidence.

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