Ernst & Young (EY) has launched Ops Chain Public Edition (PE), which will enable companies to securely transact on a public network.
Image: EY launches Ethereum-based blockchain platform for private transactions. Photo: Courtesy of Ernst & Young Global Limited.
EY Ops Chain PE uses zero-knowledge proof (ZKP) technology on the public Ethereum blockchain, to enable private token transfers without breaking the consensus algorithm.
With this technology, companies can now privately and securely create and sell products and service token on public blockchain with private access to their transaction records.
EY Ops Chain PE is claimed to be the result of research by EY blockchain labs in London and Paris. It can support both payment tokens and unique product and services tokens that are similar to the Ethereum ERC-20 and ERC-721 token standards.
This follows the launch of Ops Chain, last April. It is a set of applications and services to help organizations commercialize the use of blockchain technology across the enterprise.
EY also noted that public Ethereum blockchain has market capitalization of nearly $20bn and millions of users and investors and it can dwart any private blockchain in operation.
It also claims that public blockchains offer greater security and liquidity than private systems and can become more powerful as more member companies join.
EY Blockchain global innovation leader Paul Brody said: “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.”
Brody noted that the biggest challenge for enterprises’ blockchain adoption is the ability to on-board business partners into their private or consortium blockchain network.
“Using the standard, secure infrastructure of a public blockchain while keeping their transactions private, businesses greatly reduce the expensive and time consuming process of setting up private networks and on-boarding business partners one at a time,” Brody said.
The solution includes the EY Blockchain Private Transaction Monitor prototype that can capture transaction history for later review.
The company plans to release its Ops Chain PE and the Blockchain Private Transaction Monitor next year.