Bitcoin, Crypto currency, Blockchain

The Best of two worlds: EY combines the advantages of private and public block chains

The auditing firm Ernst and Young (EY) has announced the launch of the EY Ops Chain Public Edition. Using the Zero-Knowledge-Proof technology companies in the future, the public Ethereum Blockchain for internal data transfers.

The EY Ops Chain Public Edition is to enable companies and organizations to private Transfers on the Ethereum Blockchain for sure. As the company announced via Twitter, came here for the first Time, the implementation of the Zero Knowledge Proof Technology to be used:

Why companies need private block chains?

Typically, blockchains are public. However, there are also so-called private block chains, which require an invitation to participate. However, these figures are considered due to the smaller users as unsafe in comparison to publicly available Blockchains. Let us remember: The more participants in a distributed network, the more secure the Blockchain.

Nevertheless, there are good reasons for private Blockchains. First of all, the better the anonymization of transactions. Because on the Ethereum Blockchain, all transactions are public and traceable.

The EY Ops Chain is exactly the change and the benefits of private and public Blockchain.

The Ops Chain is “a unique application and is an important step in the direction of the Blockchain-adaptation,” says Paul Brody, CEO of EY Blockchain Global Innovation. Further, it States: “Private block chains allow firms although anonymous transactions, but at the cost of reduced security.”

Zero Knowledge Proofs as a key technology

Enables the deployment of private transactions to the public Ethereum Blockchain by so-called zero-knowledge proofs. This comes at the EY Ops Chain for the first time.

Greatly simplified, explained, one can provide through the use of the zero-knowledge proof technology proof of existing Knowledge, without this Knowledge accessible to the public.

To Brody:

“With Zero Knowledge Proofs company on the same network can act as their competitors in complete privacy, without the safety of the public Ethereum Blockchain.”

With the EY Ops Chain Public Edition, companies can use so in the future, public block chains such as Ethereum for internal data transfers. The EY Ops Chain Public Edition could therefore be an important step in the direction of the Blockchain-the adaptation of institutions. Because, until now, companies had to set up either a separate block chains, or on a public access. Both variants of the mountains, the above-mentioned disadvantages. The EY Ops Chain seems to be a good compromise between the two variants.

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