- Leading accounting firm Ernst & Young has unveiled an enterprise contract management service that makes use of blockchain technology.
Through zero-knowledge circuits, the OpsChain Contract Manager service protects the confidentiality of business information while enabling clients to post contracts on a public blockchain.
Although OpsChain uses Polygon’s proof-of-stake (PoS) blockchain, it is advertised as running on Ethereum.
The difference matters because Ernst & Young (EY) intends to eventually move the underlying technology to Ethereum’s mainnet and further to layer 3 in an impending update, according to Paul Brody, who oversees EY’s blockchain activities.
Nightfall was created on Ethereum and is now live on Ethereum’s test network. However, according to Brody, EY’s industrial users have been drawn to Polygon because to its low transaction fees, which further explains why Polygon’s network is superior to Ethereum’s.
Industrial clients of EY are drawn to Polygon due to its cheaper transaction costs. But according to Brody, who previously worked on IBM’s initial blockchain project, public blockchains like Ethereum are where blockchain technology for business is headed.
The idea of using blockchain technology in the corporate world is not new. In the early days of Bitcoin and blockchain development, companies like the Distributed Ledger Group arose to investigate the potential advantages of distributed ledger technology for businesses, with many choosing to use private blockchains.
Since everyone can still see every transaction, Brody critiques private blockchains for being unable to provide true privacy and raising the risk of unintentionally disclosing confidential company information.
Additionally, EY created Starlight, a zero-knowledge compiler that improves the privacy of pre-existing smart contracts through hashing techniques. With this strategy, companies may handle contracts in a more transparent and safe manner while saving money on deployment by taking advantage of public blockchain infrastructure.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
