EY Releases Code for Ethereum a Few Days Before Istanbul

Ernst & Young has just released open source code that improves privacy and transaction efficiency for Ethereum. The news comes just days before the network will see an upgrade that further reduces costs and increases security.

EY is using the public Ethereum blockchain and aims to bring ETH to enterprises. In April the company released a development called Nightfall, which was designed for making private Ethereum transactions. According to the news, Nightfall has been upgraded to enable the first version of transaction batching, allowing up to 20 transactions at once under zero knowledge, allowing transactions to be verified without revealing the transaction data.

EY’s global blockchain leader Paul BRODY has strategic plans for Ethereum-based technology — earlier this year he stated the following:

“We believe that by 2030, more than half of all new business contracts will be done on a blockchain. The end game is enabling all the functionality of the Ethereum blockchain for enterprise users, with full privacy.” 

The focus is on private smart contracts and that is where Nightfall comes in. The firm aims to create enterprise transactions where clients can be secure in the knowledge that none of their data, even in an encrypted form, will ever go on the blockchain.

Image courtesy of Bitcoin Exchange Guide