ETH Zero-Proof Prototype Models: Has Ernst & Young Done What Ethereum Could Not?
Did E&Y beat Ethereum to the post with their zero-knowledge proof prototype for private transactions on public blockchains?
Multinational auditing and consulting firm, Ernst & Young (EY), announced on October 30 the launch of their EY Ops Chain Public Edition (PE) prototype, the world’s first implementation of zero-knowledge proof (ZKP) technology on the public Ethereum blockchain.
This system aims to overcome three main barriers of current transactions and asset transfers on a public blockchain:
- The ability for companies to conduct secure transactions on a public network;
- Lower some of the barriers to more widespread blockchain adoption; and
- Enable a full traceability trail of private transactions.
Although still only a prototype version, and set for live production offering in 2019, this technology could prove hugely significant.
To consider this in greater detail it’s useful to first look at the…
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