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The ‘Big Four’ auditing company Ernst & Young (EY) has announced two new blockchain developments, an update for its Blockchain Analyzer and a zero knowledge proof protocol, as is reported in two press releases of the firm.
The first version of the EY Blockchain Analyzer was available to the EY auditing teams facilitating gathering companies’ entire transaction data from multiple blockchain ledgers, but the update turned the Analyzer to a business application for EY teams and non-audit customers.
Paul BRODY, EY's Global Innovation Leader for blockchain, noted that the company aims to create a solution for various purposes, including auditing, as well as monitoring taxes and transactions. As for the zero knowledge proof protocol, the company is working to facilitate the adoption of secure, private transactions over public blockchains.
“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,”
— says Paul BRODY. EY notes that since the launch of the prototype in 2018, the company has managed to reduce transaction processing costs by more than 90%. At present, software code is reportedly undergoing final reviews and is scheduled to be launched into the public domain in the next four to six weeks.
Image courtesy of AiThority
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