EY announced zero-knowledge proof (ZKP) to the public domain.
The new ZKP batching feature is the first of many new batching-related functions to be revealed by EY in the coming months.
This is done to allow greater scalability.
Ernst & Young LLP is a member company of Big 4 accounting giant EY, a member companies ‘ global organization formally known as Ernst & Young Multinational Limited.
Ernst & Young LLP, which represents U.S. customers, offers accounting, insurance, tax, and transaction consulting services and specializes in its field, including consumer products, financial services, real estate, life sciences.
In 2019, according to U.S. sales, EY ranked No. 3 in Accounting Today’s top 100 accounting firms list. In its last fiscal year reported, the company recorded revenue of $14 billion.
EY recently announced on the Ethereum public blockchain the introduction of the third-generation blockchain (ZKP) technology to the public domain. This will make private transactions on public blockchains more flexible by significantly reducing transaction costs.
The announcement of the third generation ZKP platform comes on the heels of a November 2019 study conducted by Forrester on behalf of EY, in which half of the respondents cited protection (49%) and data privacy (46%) as top blockchain concerns. Also, 45 percent of respondents cited interoperability as a single blockchain stumbling block.
Furthermore, the new ZKP batching feature is the first of many new batching-related functions to be revealed by EY in the coming months to help allow greater scalability. In 2018, EY became the first entity on the Ethereum blockchain to complete a private transaction.
The modified code can also be deployed on private blockchains based on the Ethereum platform as well as implemented on the public Ethereum network. This offers a second layer of security and privacy on private blockchains, enabling more sophisticated models of privacy across several business consortia organizations.
After EY announced the release into the public domain of the original ZKP development code known as Nightfall, more than 500 individuals and entities have monitored it, as well as updated and modified it more than 80 times. EY is planning for future changes to the Ethereum blockchain platform that will allow more improvements in performance and encourage users to pool transactions together.