Ernst and Young(EY), a multinational professional services firm, has implemented Zero-Knowledge proof(ZKP) system into Ethereum Blockchain to ensure smooth flow of private transactions over a public Blockchain. The solution acts on a public blockchain, namely, EY Ops Chain Public Edition(PE).

With the engagement of the zero-knowledge proof concept, the firm intends to maintain the secrecy of data between companies during the transaction. The zero-knowledge proof enables the companies to set a specific range where the value lies without actually revealing the specific value. This will help in reducing frauds and data theft thereby leading a pathway for the mass adoption of Blockchain Technology.

Moreover, the company also reports that the integration of ZKP can play an important role in providing an added layer of security to the users. Moreover, the sharing of data will be instant and will provide a tamper-free and trustworthy environment, says Ernst and Young.

The EY Opus Chain Public Edition is the product from the EY Research Labs. It will work by enabling the companies to tokenize their offerings in a standard manner. The private tokens will then be transferred to the intended companies over a secure blockchain, without disturbing the consensus algorithm.

Taking this opportunity Paul Brody, the leader of EY Global Innovation said that EY Opus Chain Public Edition can solve security issues faced by companies. Furthermore, companies will not need to waste money and time building their own protocols, as the solution developed by Ernst and Young firm will readily cater to their needs. The company has pitched it as the ultimate solution for smoothing private transactions between companies.

Ernst & Young facilitates businesses to enjoy private transactions over a public blockchain