Blockchain, Featured

Ernst & Young And ING Bank To Use Zero-knowledge Proof (ZKP)

A multinational professional services firm called Ernst & Young (EY) who has made an announcement of releasing a zero-knowledge proof (ZKP) private transaction protocol. The protocol will be released into the public domain.

Most enterprises and investors are unable to perform secure and private transactions and therefore, they face problems to adopt public blockchain networks completely. The main purpose of the protocol is to help in speeding up a public blockchain-based secure and private transactions adoption.

This technology was launched last year. Its launching was done at Ethereum Devcon in Prague.

A version of EY Ops Chain was the initial prototype which has included a sample public Ethereum network-based supply chain model. Although the original solution launched, an EY team worked for the ZKP-based solution improvement.

It is stated that the team used better data encoding and efficient zero-knowledge proof (ZKP) protocol. The team reduced transaction processing costs for those users who are using the initial prototype. 

Transactions on this technology are private to all blockchain users and open to authorized users. Transactions history to auditors and regulators can be provided yet with no wide transactions content revelation.

Ernst & Young has also made the announcement of launching an EY Smart Contract Analyzer, PRNewswire reported.

ING Bank wants to use ZKP into trade finance blockchains. The Distributed Ledger Technology Program Director of ING Gomez de la Villa said, “We are setting up a whole [ZKP] shop to help developers find these use cases and are in contact with some of our customers to ensure they have a good understanding of how they can leverage these open source projects that we have.”

It is illustrated the way of Zero-knowledge proof (ZKP) where it will be used in blockchain projects of ING Bank –A commodity is tracked from the origin and the certificate of origin keeping throughout the supply chain. This doesn’t reveal the supplier, price and the commodity quality, CoinDesk reported

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Shabnam Dhar is a Copy Editor for OWLT Market.

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