I Have Read and Agree to Submission Policy Ernst & Young recently announced the introduction of technology blockchain third generation zero knowledge (FPC) in the public domain in a block chain Ethereum. This streamlining of currently used blockchain technology aims to make private transactions more efficient by reducing transaction costs, achieved by combining several transfers into one transaction.
How it works?
The solution of introducing the third generation zero knowledge (ZKP) blockchain technology into the public domain, which the company decided to implement Ernst & Young, deserves special attention, first of all, because it is currently the only company in the audit industry that has taken this path, and secondly, it opens up completely new possibilities of transactions.
The ZKP blockchain technology introduced by Ernst & Young provides tools that allow you to combine transfers, so you can perform up to 20 transactions at the same time, reducing the cost of the transaction by nearly $ 0,05.
A risky move?
Organizations competing with Ernst & Young have many concerns about the use of public networks.
They most often indicate such threats as low level of safety, high throwing costs and no confidentiality, leading to leakage of confidential company data.
However, the company is of the opinion that there are many solutions to these problems, thanks to which this technology will bring a number of benefits to companies around the world.
One example of such a solution is Nightfall package based on Ethereum, which allows the above mentioned merging of transactions.
Ernst & Young so it is not so much as unaware of the risk associated with FPC, but aims to improve the functioning of public networks.
The company representatives themselves admit that it is a huge challenge for them, but at the same time a great opportunity to gain new functionalities.
An expression of Ernst & Young's commitment to finding solutions for the effective implementation of a new technology is the report published by her:Total cost of ownership for blockchian solutions", Which analyzes the costs of individual market players and private networks in detail.
This bold approach to blockchain technology cannot be completely risk free.
Time will show how beneficial it will be for Ernst & Young to implement it, as well as how it will convince other corporations to this solution, and above all the clients themselves, who also remain apprehensive.