The world’s first secured private transactions built on the Ethereum public blockchain is set for launch. Ernst & Young (EY) is undisputedly one of the ‘Big Four’ public service firms. It has developed a viable solution that allows businesses to enjoy the full benefits of private transactions. EY has about 25,000 employees across 150 countries; this appears to be large enough for a conglomerate. The initiative is tagged “the EY Ops Chain Public Edition (PE).”
EY Ops Chain Public Edition (PE)
One of the attributes that further proves the ingenuity of the project is the fact that it is unprecedented. EY’s innovative solution is the first of such. It is also a product of R&D at the EY blockchain labs, whose offices are in London and Paris. Though the initiative is still under “experimentation,” it is expected to achieve the projected impact once launched. Paul Brody, the leader of EY Global Innovation, while speaking about the launch, noted that:
“EY Ops chain PE is a first-of-its-kind application and a major step forward that empowers blockchain adoption. Private blockchains give enterprises transaction privacy, but at the expense of reduced security and resiliency. 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.”
The Benefits of Private Networks
Security is practically guaranteed on the blockchain network, save the transparency and the openness of its operation that has been a caveat. Some conglomerate would never subscribe to having a transparent database owing to their high privacy policies. EY has literally melted down previous impediments working against the overall blockchain adoption by creating a solution that handles privacy while upholding the security of the masses simultaneously.
That aside, companies would not have to start from the primary stage of building their own protocols owing to the existence of ZKP. Private blockchains have also proven to be beneficial in terms of immutability, speed, and scalability which would make a reasonable enterprise refute the idea of building theirs.