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Privacy and public blockchains: a big order from big business
Nicknamed "EY Ops Chain Public Edition", this technology uses zero-knowledge evidence to grant clearances on transaction information similar to Monero's and other confidential pieces.
Only those with the keys to see the actual transaction information will be able to do it.
EY believes that privacy-enhancing technologies are essential for wider adoption of blockchain, saying in its press release:
"For most businesses and investors, the inability to conduct secure private transactions has been a major impediment to full membership of the blockchain."
The measure aims to promote the use of "public" block strings as opposed to "private" or "authorized" block strings. EY opts for this solution against companies such as JP Morgan, which releases private blockchains to move value within their vast network.
This is how Ethereum works pic.twitter.com/ptg1cQHur7
– Dennis Parker⚡️ (@Xentagz) April 17, 2019
EY promotes public blockchains
However, the product is not just for financial transactions. It's more of an afterthought. The company introduced the software for the first time last year at a conference of Ethereum developers, showing how it could work with a supply chain.
EY has invited hackers and coders to look for faults in their zero evidence system and reveal the data of the no-access transaction. Since then, they have been able to make improvements, including reducing by 90% the cost of transactions made with the software.
They believe that releasing it into the public domain is the way to make sure it reaches its full potential, according to Paul Brody, head of EY's blockchain:
"The most effective way to maximize blockchain adoption is to communicate this work to the community, as a true contribution, without any conditions. Public block chains are the preferred route for businesses and investors only if block chains respect their true promise to the world. "
It is undeniable that blockchain projects are developing in an open source environment. No major crypto-currency or crypto projects have private source code, unless you count projects launched by companies such as Facebook, Telegram and JP Morgan. None of them currently counts for the overall market capitalization of cryptocurrencies.
EY Ops Chain has several goals, but aims primarily to give traditional businesses a smart way to rely on the Ethereum blockchain, thus meeting the requirements of confidentiality and efficiency. It is important to note that selective transparency is always very possible with Ops Chain because they note:
"Businesses will still be able to provide complete traceability and transaction history to auditors and regulators without revealing more broadly the content of transactions."
In different ways, the blockchain can create a more transparent society. However, businesses still require a certain degree of confidentiality in many types of transactions. Products such as Ops Chain have not been at the heart of most Ethereum development teams, which are working on more pressing issues, such as scaling up the largest intelligent contract platform.
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