Ernst & Young, one of the Big Four auditing firms, has announced the launch of its new third-generation zero-knowledge proof (ZKP) blockchain technology. The new technology promises to be more cost-effective and also improve scalability.

According to an official post, EY says the scalability is predicated on the blockchain’s ability to settle transactions at much-reduced costs. This will be done by lumping several transfers together in one transaction. The offering will be run on the Ethereum blockchain.

EY also announced that this method will allow up to 20 transactions to be done simultaneously, effectively reducing the cost of one transaction to about $0.05. The company says that this is 400 times cheaper than the EY Ops Chain Public Edition (PE) prototype which was launched back in October 2018.

Speaking on the new offering, EY Global Blockchain Leader Paul Brody says that the new offering is a significant improvement on the previous ones, and will increase accessibility.

“This technology is perhaps the most important EY blockchain milestone in making public blockchains scalable for the enterprise. In the prior iteration released in April 2019, public blockchains were already getting competitive with private networks. With this iteration, we cut the cost per transaction by more than 90% again, making private transactions more accessible for mainstream business applications.”

Per a Reddit post a few days ago, Brody had said that the company will launch a smart contract and token testing service. Brody said a public beta was already available but did not say when the full service will be launched.

Image Credits: Pixabay

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