EY Upgrades Its ZKP Technology to Boost Ethereum’s Scalability & Reduce Costs
Ernst & Young (EY), one of the largest professional services firms in the world has announced the release of its third generation zero-knowledge proof (ZKP) technology to the public domain of the Ethereum blockchain. The firm aims to significantly reduce transaction costs on the network while also boosting scalability, according to a press release on December 18, 2019.
EY’s Third Generation ZKP Now Live
Having conducted the world’s first secure private transactions on the Ethereum smart contracts blockchain network earlier in 2018, thanks to the successful implementation of zero-knowledge proof (ZKP) technology on the public Ethereum distributed ledger, EY has achieved yet another significant feat.
In the latest development, EY has announced that it has finally integrated its third-generation zero-knowledge proof (ZKP) blockchain technology into the public domain on the Ethereum network.
The team says the latest enhancement of its ZKP blockchain technology will boost the scalability of private transactions on public blockchains while also slashing transaction fees significantly, by batching multiple private funds transfer into a single transaction.
Specifically, the team has made it clear that its latest ZKP technology comes with highly functional batching tools that make it possible for the size of an on-chain Merkle tree to be cut down.
This allows for up to 20 transactions to be carried out on the network at the same time, while also slashing the cost per transaction to roughly $.0.05, a “400-fold improvement over the first EY ZKP protocol,” says EY.
An Important Blockchain Milestone
For the uninitiated, zero-knowledge proof technology is simply a verification method that allows a prover to prove to a verifier that it actually has the knowledge of a specific piece of information without revealing the exact information. In essence, ZKP technology fosters security and privacy at the same time.
Reportedly, in a survey conducted by Forrester on behalf of EY earlier in November 2019, 49 percent of respondents cited security as a major challenge plaguing blockchains while 46 percent said that data privacy was a major issue.
Commenting on the development, Paul Brody, EY Global Blockchain Leader reiterated that:
“This technology is perhaps the most important EY blockchain milestone in making public blockchains scalable for enterprises. With this iteration, we cut the cost per transaction by over 90 percent again, making private transactions accessible for mainstream business application.”
In related news, BTCManager informed earlier in October 2019, that ING Bank has used ZKP technology to fix the privacy and scalability loopholes of the Corda blockchain network.