EY research says that more businesses are moving away from centralized platforms and towards public open-style blockchains.
Value of Blockchain
In this direction, EY has announced the release of its third-generation zero-knowledge proof (ZKP) blockchain technology on the public blockchain platform “Ethereum”. Blockchain has been used for many things, but the main issue most know is that it costs a lot to process. However, by using private blockchains on public blockchains, they can reduce the cost per transaction while still benefiting themselves. Blockchains are effective at distributing data with principal use to building communities and collaborations between companies. Their use in the workplace is on the rise.
The new features include tools for aggregating and bundling multiple confirmed transactions (proofs) as well as an application for reducing the volume of the on-chain Merkle tree. This makes it very cost effective to use cashless transactions, because of their simultaneous processing while there’s nearly half the price spent per transaction. Nowadays, subscription pricing is becoming the standard for gas stations as costs have been on a constant rise. A 400-fold increase in performance from EY’s prototype is indicative of just how much time and money such a model can save your company.
Forrester’s survey
A survey conducted by Forrester in November 2019 found that nearly half of respondents were concerned about the security and data privacy around blockchain and increased adoption. According to survey results, there is a main difficulty in integrating private blockchains when building blockchain systems in companies. This is due to their differing data formats and protocols.
Ethereum’s improved technology, released on the public “Ethereum” platform, can be used to create private blockchains built on it. These blockchains are just as secure as their public counterparts. EY is rolling out new technologies that will maintain scalable, private transaction logs on public domains. They expectedly will release more details in the coming months. Notably, in 2018, EY was the first company to complete a private transaction via ZKP, increased with the addition of other future technologies.
ZKP Technology
The release of the first ZKP-powered currencies met a lot of interest. More than 500 individuals and organizations have implemented its use and formatted over 80 times. They, thus, made it one of the most popular types of currencies. EY is preparing for upcoming changes to the Ethereum blockchain platform, and new users will be able to do a lot more and the speed will increase.
Commenting on the launch of EY’s new technology in Greece, Vassilis Pierrakos said, said: “EY’s new ZKP technology helps maximize security and privacy of transactions while reducing the cost per transaction by approximately 90%. The sign of blockchain’s continual growth is evident with its adoption now globally. This is a major milestone in the evolution of blockchain technology.”
If you liked this article, then you might also enjoy this one or this one.
Author: PC-GR
The World of Technology
