EY has just dropped some epic details of its new blockchain prototype that makes Ethereum transactions private. Yes, real ones, on the main chain.
EY calls its new system the EY Ops Chain Public Edition (PE), touting it as the world’s first implementation of zero-knowledge proof (ZKP) technology on the public Ethereum blockchain.
ZKP is a method of validating data. Put simply, ZKP allows blockchains to confirm transactions without having to reveal information related to those transactions, which makes them secure as no sensitive data is actually exchanged.
The idea is that this will allow companies to privately and securely create, issue, and sell new cryptocurrency tokens, which closely resemble ERC-20 and ERC-271, all via the Ethereum public blockchain, all while keeping transaction data private.
“Private blockchains give enterprises transaction privacy, but at the expense of reduced security and resiliency,” explains EY exec Paul Brody. “With zero-knowledge proofs, organizations can transact on the same network as their competition in complete privacy and without giving up the security of the public Ethereum blockchain.”