Yesterday EY
announced plans to release a new technology protocol to enable secure private transactions on the public Ethereum blockchain. The target market: enterprises and investors. And the code licensing will go a step beyond open source. It will be public domain which means it won’t be subject to copyright. But it’s patenting the technology.
“Making public blockchains secure and scalable is a priority for EY. The fastest way to spread this privacy-enhancing technology was to make it public,” said Paul Brody, EY Global Innovation Leader, Blockchain. “The gold standard in security is only achieved with the kind of intense review and testing that comes with public domain releases.”
The technology is a zero-knowledge proof (ZKP) private transaction protocol.
ZKP was introduced on Ethereum almost 18 months ago, initially to keep data private (as opposed to transactions). For example, a smart contract can prove whether someone is over the age of 18 without access to the user’s actual age. But the uses of ZKP extend beyond basic data privacy.
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