Banking

Ernst & Young unveils updates to two blockchain platforms

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Ernst & Young (EY) has announced the launch and update of two blockchain-based solutions, namely the zero-knowledge proof (ZKP) private transaction protocol and a second generation of its blockchain analytics tool, known as the Blockchain Analyzer.

The ZKP private transaction protocol has been released into the public domain to expedite secure and private transactions over public blockchains, which will help enterprises and investors who are unable to conduct such secure private transactions. Apart from allowing executing private transfers and payments on the public Ethereum network, this protocol supports fungible token payments that are well suited with the ERC-20 standard and unique asset transfers that are compatible with the ERC-721 standard.

The ERC standards are publicly recognised open standards for tokens on the Ethereum blockchain wherein all transactions are private to the users except for those who are authorised to see the information. However, organisations will still be able to supply the full traceability and transaction history to the auditors and regulators without disclosing much of the transaction content.

The EY Blockchain Analyzer is an upgraded version that allows the company’s teams and non-audit clients as a business application, which will help in financial reporting, transaction monitoring and tax calculations, forensic investigations. The first generation Blockchain Analyzer was limited in use – it was only available to the company’s audit teams to collect organisation-wide transaction data from multiple blockchain ledgers.

Paul Brody, EY global innovation leader for blockchain, said: “Making public blockchains secure and scalable is a priority for EY. The fastest way to spread this privacy-enhancing technology was to make it public. The gold standard in security is only achieved with the kind of intense review and testing that comes with public domain releases.”

“With the second generation of EY Blockchain Analyzer, we are building a true platform solution that can be used for multiple purposes such as audit, tax and transaction monitoring, depending on client needs.  From the start, we have had technologists and audit practitioners working together on this platform so we can keep our technology and audit methodology aligned and meet our professional standards.”

Interested in hearing more in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.

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