EY releases zero-knowledge proof blockchain transaction technology to the public domain to advance blockchain privacy standards
NEW YORK, April 16, 2019 /PRNewswire/ -- EY today announced that it will release its zero-knowledge proof (ZKP) private transaction protocol into the public domain to help accelerate the adoption of secure, private transactions over public blockchains. For most enterprises and investors, the inability to conduct secure private transactions has been a major obstacle to fully embracing public blockchain networks.
EY unveiled this first-of-its-kind technology in October 2018 at Ethereum Devcon in Prague. The initial prototype was a version of EY Ops Chain, an EY flagship blockchain business application platform adapted for use on the public Ethereum blockchain. The prototype included a sample supply chain model built in the public Ethereum network using the private transaction technology and a challenge to developers and hackers to find flaws in the encryption and unmask the private information. Since the original solution debut, EY teams have worked to improve performance of the solution based on ZKPs.
Paul Brody, EY Global Innovation Leader, Blockchain, says:
"Making public blockchains secure and scalable is a priority for EY. The fastest way to spread this privacy-enhancing technology was to make it public. The gold standard in security is only achieved with the kind of intense review and testing that comes with public domain releases."
Since the launch of the initial prototype last year, EY teams have significantly reduced transaction processing costs for users of the initial prototype by more than 90%, utilizing a combination of better data encoding and a more efficient ZKP protocol.
EY will now release this technology into the public domain. The main component allows for secure, private transfers and payments on the public Ethereum network. This supports fungible token payments compatible with the ERC-20 standard and unique asset transfers compatible with the ERC-721 standard. The ERC standards are publicly accepted open standards for tokens on the Ethereum blockchain.
Transactions processed using this technology are private to all blockchain users except those authorized to see the information. Companies will still be able to provide full traceability and transaction history to auditors and regulators without revealing transaction content more widely.
Brody says:
"The most efficient way to maximize blockchain adoption is to release this work to the community as a true contribution, with no strings attached. The only way that blockchains deliver upon their true promise to the world is if public blockchain networks are the preferred path for enterprises and investors."
The software code is undergoing final reviews and is expected to be released into the public domain in the next four to six weeks.
In addition to the release of the first generation of EY Ops Chain Public Edition into the public domain, EY has announced a suite of blockchain solutions and upgrades at the EY Global Blockchain Summit, including the launch of EY Smart Contract Analyzer and the second generation of EY Ops Chain and EY Blockchain Analyzer.
Notes to Editors
About EY
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.
Kailyn Smigelski
EY Global Media Relations
+1 973 715 3624
kailyn.smigelski@ey.com
Logo - https://mma.prnewswire.com/media/708904/EY_Logo.jpg
Share this article