EY Releases Product To Enhance Privacy On Ethereum Network
The tool is currently awaiting patent approval.
Firms To Access Transaction History Privately On Ethereum
Ethereum is set to host private transactions following an announcement by EY. According to the accounting company, it has developed a tool that facilitates transactions on the ethereum decentralized blockchain. The tool will not be permitted by the ethereum network.
The announcement about the tool was made through a press statement early this week. The tool dubbed EY Ops Chain Edition prototype will be the inaugural ZKP technology for the ethereum network. At the moment, a patent application for the tool is pending.
ZKP are ways that permit two players to ascertain that a secret is real without revealing the real secret. A look at the crypto and blockchain sector, ZKPs mostly deals with information about specific payments.
According to EY, its product is geared towards enabling firms to establish and sell tokens on the blockchain while at the same time maintaining access to their payment history privately. The statement assured that the prototype backs payments of tokens that resemble ethereum's ER-20 and ERC-721 tokens.
According to Paul Brody from EY, having private blockchains, entities will have access to privacy with lowered security and resiliency. Brody said that companies can conduct a transaction on a similar network due to zero-knowledge. On the prototype, we also have an additional solution dubbed EY Blockchain Private Transaction Monitor. The solution records transaction history.
Early last year, the company unveiled a blockchain application and service platform dubbed EY Ops Chain. With the product, EY seeks to enhance efficiency in payments and scalability. They will also tackle the issue of reluctance with entities to deploy decentralized blockchains. EY further stated that the privacy feature will be rolled out next year.
At the beginning of October, ING Bank announced that it was planning to integrate the blockchain system. The facility released the ZKP technology that will be deployed in the banking sector. The version was a simplified one.