Ernst & Young introduces Polygon for blockchain contract management premiere.
Ernst & Young, a renowned accounting firm, has unveiled a groundbreaking service called OpsChain Contract Manager, which harnesses the power of blockchain technology.
This innovative service enables clients to store contracts on a public blockchain while ensuring the confidentiality of their business information through the use of zero-knowledge circuits. OpsChain operates on the Ethereum platform but utilizes Polygon’s proof-of-stake (PoS) blockchain.
Paul Brody, the leader of EY’s blockchain endeavors, emphasizes the significance of this distinction. EY intends to eventually transition the underlying technology to Ethereum’s mainnet and subsequently to layer 3 in an upcoming upgrade.
While Nightfall, which was developed on Ethereum and deployed to its test network, has garnered attention, EY’s industrial users have been particularly attracted to Polygon due to its lower transaction costs. Brody explains that Polygon’s network offers more benefits compared to Ethereum.
Although Polygon’s lower transaction costs have been appealing to EY’s industrial clients, Brody, who previously contributed to IBM’s first blockchain initiative, believes that the future of blockchain for business lies in public blockchains like Ethereum.
The idea of utilizing blockchain technology for business purposes is not new. During the early stages of Bitcoin and blockchain development, organizations like the Distributed Ledger Group emerged to explore how businesses could leverage distributed ledger technology, often opting for private blockchains.
Brody criticizes private blockchains for their inability to provide true privacy, highlighting that all participants can still view all transactions, potentially exposing sensitive business data.
In addition, EY has developed Starlight, a zero-knowledge compiler that utilizes hashing techniques to enhance privacy for existing smart contracts. This approach enables businesses to manage contracts in a more secure and transparent manner, leveraging the infrastructure of public blockchains to reduce deployment costs.
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