Ernst & Young has presented a solution to confidential transactions on the network Ethereum

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Consulting company Ernst & Young presented a prototype of the Protocol “of the Proof with zero disclosure,” which allows you to maintain the confidentiality of the transaction when using a public network Ethereum. The proposed solution is designed for commercial companies and should be a more secure alternative to private networks based on Ethereum.

Leading consulting company Ernst & Young (EY) introduced a tool that will help you to conduct private transactions in the private commercial networks on the platform Ethereum. This is stated in the official press release. At the request of the company, announced a prototype Protocol called EY Chain Ops Public Edition is “the world’s first” technology “of the Proof with zero disclosure” for Ethereum.

“The proof with zero disclosure” — a cryptographic technique that allows two parties to confirm the validity of the encrypted data without revealing the “secret” part. Prototype EY aims to preserve the privacy of transaction records, which will be a significant benefit to the business. EY noted that their Protocol supports coins standards ERC-20 ERC-721.

“Private blackany give businesses the confidentiality of your transactions, but at the expense of compromising the security and flexibility”, — said the representative of EY Paul Brody. He added:

“Using method “of the Proof with zero disclosure,” the organization can translate the tokens to a public network, but it is absolutely confidential, and without security risks”.

In the record of decision also included a product called EY Blockchain Private Transaction Monitor, where the recorded transaction history.

A full release of the Protocol is scheduled for 2019.

Note, in early October, the two largest blockchain Association, Ethereum Ethereum Alliance (EEA) and Hyperledger, has teamed up with target to give the DLT the mass distribution among commercial organizations. Yesterday, the EEA has introduced a new interoperability standards for private blockchain networks based on Ethereum.

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