Yesterday EY announced the latest iteration of its Zero Knowledge Proof (ZKP) technology which is used to enable private transactions on public blockchains. The open-sourced improvement of Nightfall focuses on scalability, after its
first release last year.
Public blockchains such as Bitcoin and Ethereum were designed to be transparent with the only protection that users identities were opaque or pseudonymous. But it’s proven easy to identify users. This lack of privacy alongside scalability and governance concerns are significant impediments to enterprise adoption of public blockchains.
Zero Knowledge Proof technology is one of the key privacy solutions being used to address both privacy and scalability. It enables a question to be answered without revealing details. For example, is a person over 18 without disclosing their identity or age. It can verify that a company owns a particular asset it wants to sell without revealing the firm’s name. And in EY’s case, it can enable private transactions on public blockchains.
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