Ernst & Young Doubles Down On Their Bet With Ethereum.

On December 19th 2019, the audit and consulting giant Ernst & Young announced the release of their “third-generation zero-knowledge proof blockchain technology” to the public domain as part of the firm’s effort to make public networks ready for enterprise adoption.

Ernst & Young’s advocacy of public blockchain network infrastructure, as opposed to permissioned and private networks (referred to as private networks going forward, for brevity), is notable given that the firm’s industry peers have either remained neutral on the public vs. private network debate or have voiced skepticism on the viability of public networks.

Whereas Ernst & Young, it seems, is in a league of its own by going all out on public blockchain technology.

Certainly, the firm’s peers have a point; public networks suffer from a number of challenges that make them problematic for enterprises today. Many are notoriously unscalable, open to hacking, potentially expensive to use and lack privacy and confidentiality.  They tend to suffer from concentration of the interests that control the orderly state of the network, potentially placing it at the mercy of adversarial nations or parties.

However, Ernst & Young believes that these problems are imminently solvable, and when solutions are rolled out to address them, enterprises around the world will start to participate in the benefits of the technology.   

Dropping The Cost Of Confidentiality.

December’s release of the firm’s Ethereum-based Nightfall tool suite presents a leap forward in the firm’s quest to solve the drawbacks of public networks.  A previous release earlier in October 2019 demonstrated that a public blockchain could be secured by running a secure “level 2” protocol on top of the Ethereum blockchain providing confidentiality to transactions while also allowing full auditing by a designated third party.

This confidentiality is possible through a cryptographic technique known as “Zero Knowledge Proofs”. It’s…

Source Link