On October 30th, Ernst & Young (EY) announced a world-first for distributed ledgers. Called the Ernst & Young Ops Chain Public Edition, the company created a new blockchain prototype that combines the security of the public ledger model with the privacy of the private ledger model—thus a private blockchain.
It does this by using zero-knowledge proof (ZKP) technology on the public Ethereum blockchain. The result, it claims, is a network that will suit the needs of institutions, especially in the financial sector.
But why the need to combine the pro’s of both networks, what’s missing?
The Benefits and Problems …
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