Ernst & Young rolls out solution for private transactions

Posted 31 October, 2018

A multinational auditing and consulting company – Ernst & Young – launches brand new solution for private transactions in Ethereum.

The company released the press release yesterday staying that the project called Ops Chain Public Edition is the first-ever sample of integration of zero-knowledge proof (ZKP) to the public Ethereum blockchain. The company is attempting to get a patent for this technology now.

"EY Ops chain PE is a first-of-its-kind application and a major step forward that empowers blockchain adoption. Private blockchains give enterprises transaction privacy, but at the expense of reduced security and resiliency. With zero-knowledge proofs, organizations can transact on the same network as their competition in complete privacy and without giving up the security of the public Ethereum blockchain," commented Paul Brody, EY Global Innovation Leader in the press release

Technically, ZKP represents a cryptographic tool with which the parties can prove that a "secret is true without revealing the actual secret". It was reported that with the new private technology the companies will become able to sell/create and manage tokens on the public network with all records staying private.

Notably,  Ernst & Young has also announced a monitoring instrument that will help the companies audit and control their own ZKP transactions.

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31 October, 2018 15:08

← Oil prices improve in mid-week

Following the previous weakening, the oil prices improve in the middle of the week. Nevertheless, October recorded the biggest monthly downturn over the past few years. The negative dynamics are said to be related to the market concerns about the global economic slowdown. Today, December Brent futures were recorded on London ICE Futures at $76.19/bbl, while the January futures changing hands at about $76,40/bbl. On the NYMEX, WTI oil in December contracts recovered to 66.27/bbl. The market is waiting for the US Energy Department to release official oil market data later today. 

Oil prices improve in mid-week

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31 October, 2018 12:04

Crypto exchanges have right for banking services in South Korea - Financial Services Commission →

South Korean regulator – Financial Services Commission – stated that South Korea definitely has no regulation that would be a guideline for the banks regarding virtual account services to local crypto trading platforms. The chairman of the Commission Choi Jong-Ku believes that if the crypto exchange fulfils all security, AML and KYC requirements, it may have the right to get services in country's banking institutions. This decision of the Financial Services Commission was welcomed by the crypto market players, in partciular, South Korea-based exchanges that are members of the South Korea Blockchain Association.

Crypto exchanges have right for banking services in South Korea - Financial Services Commission
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