Ernst & Young, a renowned accounting company, now offers a business contract management system powered by blockchain innovation.
With the use of OpsChain Contract Manager, clients can securely put contracts onto a publicly accessible blockchain while maintaining the privacy of their business data through zero-knowledge circuits. Notably, this service functions on Polygon‘s proof-of-stake (PoS) blockchain, although it is advertised as being based on Ethereum.
Paul Brody, head of blockchain initiatives at Ernst & Young (EY), emphasizes the significance of the difference, as EY intends to eventually migrate its technology to Ethereum’s main network and subsequently advance to Ethereum’s layer 3 during a future update.
“According to Brody, Nightfall was initially built on Ethereum and is currently being tested there. However, he noted that EY’s industrial clients have shown preference towards Polygon due to its lower transaction fees. He elaborated on how Polygon’s network could prove more advantageous than Ethereum’s in this aspect.”
Polygon’s affordable transaction fees draw in industrial clients from EY. On the other hand, Brody, who played a key role in launching IBM’s initial blockchain project, argues that the future of business blockchains is in publicly accessible platforms such as Ethereum.
Businesses have been exploring the use of blockchain technology for their operations for some time now. Back when Bitcoin and blockchain were just starting out, groups like the Distributed Ledger Group came together to investigate how businesses could gain from distributed ledger technology, often choosing to work with private blockchains instead.
Brody points out a limitation of private blockchains: while they may claim to provide privacy, the truth is that every involved party can see all transactions. This unfortunate transparency might unwittingly expose confidential business information.
EY, in addition, created Starlight, a compiler with no-knowledge encryption capabilities, which employs hashing technology to boost privacy for current smart contracts. This method enables businesses to handle contracts more securely and transparently while making use of public blockchain infrastructure to decrease deployment expenses.
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2024-04-17 23:34