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Privacy on public blockchains: EY clients and the blockchain curious must leverage this “best of both worlds” breakthrough
For years, blockchain has been labeled “a solution looking for a problem.” Combined with intense hype, it has been considered for every problem ranging from the world hunger crisis to the mystery of who left the office door unlocked last week. We’re finally seeing genuine applications for blockchain emerge to deliver tangible business value, be it offering a decentralized energy marketplace or enhanced drug provenance. However, one of the biggest debates rages on—between public and private blockchains. For anybody investing in or considering blockchain technology, specifically EY clients, the firm’s recent efforts could eliminate one of the key conundrums and turn speculative blockchain exploration efforts into genuine applications and value.
At the recent EY EMEIA Blockchain Summit in Paris, Paul Brody, the firm’s global blockchain leader, explained how EY is moving the enterprise gaze toward public blockchains that leverage zero-knowledge proofs (ZKPs). EY is solving the historic issue of privacy on public blockchains as ZKPs afford EY’s enterprise clients all the benefits of a public blockchain while maintaining privacy.
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