Ernst & Young Releases Improved Solution to Cut Private Transaction Costs by Over 90%

Posted on Dec 19, 2019

Global accounting firm Ernst & Young has released an improved solution which claims to reduce private transaction costs on Ethereum. The solution puts into effect third-generation ZKP (Zero-Knowledge Proof) technology which enables a private transaction to take place on a public blockchain. The initial version was introduced earlier this year, with the improved reproduction cutting the private transaction costs by more than 90%. The firm have also stated that the improved technology can be issued on Ethereum-based private blockchains, adding a secondary security and privacy layer. EY’s Global Blockchain Leader Paul Brody has indicated that the reduction in costs allows transactions to become more scalable and useful for “mainstream business application”, adding that the opportunities for public blockchains are becoming more visible, “with 75% of enterprises likely to use these networks in the future”.