Summary
Ernst & Young has introduced a contract management service using zero-knowledge circuits on a public blockchain, currently running on Polygon proof-of-stake. The firm plans to move the service to Ethereum mainnet in the future. Private blockchains do not provide true privacy, leading to a shift towards public blockchains for enterprise use. Nightfall and Starlight tools have been developed to help businesses manage contracts and smart contracts privately. This move aims to streamline processes and enhance transparency for enterprises.
Key Points
1. Ernst & Young has developed an enterprise contract management service that utilizes zero-knowledge circuits to keep business information private on a public blockchain, currently running on Polygon proof-of-stake (PoS).
2. EY’s announcement of OpsChain Contract Manager marks a significant step towards institutional use of public blockchains, following similar moves by other major players in the financial industry like BlackRock.
3. EY plans to eventually move their zero-knowledge rollup, Nightfall, from Polygon PoS to Ethereum mainnet, emphasizing the advantages of using public blockchains for enterprise purposes over private blockchains.