EY, a multinational professional services firm headquartered in London, has launched the prototype of its EY Ops Chain Public Edition (PE), which brings zero-knowledge proof (ZKP) technology to the public Ethereum (ETH) blockchain.
The EY Ops Chain Public Edition prototype will allow companies to securely transact on a shared #publicblockchain. Find out how this new application will empower #blockchain adoption. https://t.co/OzuchF7BUw pic.twitter.com/D4s7Qi6mO0
— EY (@EYnews) October 31, 2018
According to the announcement, EY Ops Chain PE allows for private token transactions without disrupting the consensus algorithm. EY notes that this technology supports both payment tokens, in addition to tokens similar to the ERC-20 and ERC-721 token standards.
This technology will ultimately allow companies to create, sell and service tokens on the public Ethereum blockchain without giving away their transaction records.
“The biggest challenge for enterprises’ blockchain adoption is the ability to on-board business partners into their private or consortium blockchain network, said Paul Brody, EY Global Innovation Leader. “Using the standard, secure infrastructure of a public blockchain while keeping their transactions private, businesses greatly reduce the expensive and time consuming process of setting up private networks and on-boarding business partners one at a time.”
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.