EY Claims A Solution For Mainstream Adoption Of Blockchain Technology. There has been a barrier for companies to adopt blockchain technology. The world is, however, seeing some important updates towards it, yet mainstream adoption remains and seems to be the challenge ahead.
In order to solve this problem, professional services giant EY (Ernst & Young) has come up with a solution that the firm claims. Thus allowing companies to transact privately using Zero-Knowledge Proof on Ethereum’s Blockchain.
Recently EY launched ‘Ops Chain’, a set of apps and services aimed at helping businesses orient towards blockchain adoption.
However, Ethereum has a larger client base and a market cap of an estimated $20 billion. Also, Ey claims to offer the best of the world solutions for the problems that blockchain has. Such as the amount of computational power required and less transaction privacy than private blockchains.
With the new Ops Chain by EY’s blockchain labs in Europe, the prototype system is also believed to support this. “Payment tokens and unique product and services tokens that are similar to the Ethereum ERC-20 and ERC-721 token standards.”
The rumored ZKP (Zero Knowledge Proof) allows users to prove that they have information about the transaction amount, or a process similar to that, without the revelation of actual data. Also, this is an advantage for companies that do not wish to reveal sensitive financial or business information.
The solution includes EY’s ‘Blockchain Private Transaction Monitor’ to monitor and keep a record of transactions.
Paul Brody, innovation leader of blockchain technology at EY global said, “EY Ops Chain PE is a first-of-its-kind application and a major step forward that empowers blockchain adoption. Private blockchains give enterprises transaction privacy, but at the expense of reduced security and resiliency. With Zero-Knowledge Proofs, organizations can transact on the same network as their competition in complete privacy. Without giving up the security of the public Ethereum blockchain.”