Ernst & Young Presented A Solution For Confidential Transactions In The Ethereum Network

The consulting company Ernst & Young presented a prototype of the “zero-knowledge evidence” Protocol, which allows to maintain the confidentiality of transactions when using the public Ethereum network. The proposed solution is designed for commercial companies and should become a safer alternative to private networks based on Ethereum.

The leading consulting company Ernst & Young (EY) introduced a tool that will allow private transactions in private commercial networks on the Ethereum platform. This is stated in the official press release. According to the firm, the announced prototype Protocol called EY Ops Chain Public Edition is the “world’s first” application of “zero-knowledge proof” technology to Ethereum.

“Zero-knowledge proof “is a cryptographic technique that allows two parties to confirm the truth of encrypted data without disclosing the “secret ” part. The EY prototype aims to preserve the privacy of transaction records, which will be an important advantage for business. EY noted that their Protocol supports coins of ERC-20 and ERC-721 standards.

A full release of the Protocol is scheduled for 2019.