One of the world’s big four accounting firms Ernst & Young (EY) has just disclosed that it is working on the public Ethereum space to developed an enterprise-focused solution.
EY made the proclamation during an online conference tagged EY Global Blockchain Summit 2020 I Going Public, staged towards changing the prejudice negative thought of engineers and product owners about blockchain technology.
The over 50 audiences of the three-day conference were fed with the latest blockchain initiatives of the accounting firm, and the collaboration it has established with top companies like Microsoft MSFT and DELL Technologies DELL to ensure the realization of its idea.
Ernst & Young is working on the Ethereum blockchain network to design a system fashioned towards empowering enterprise.
Skepticism by senior executives at Fortune 500 company boardrooms around the fact that enterprise could use a public blockchain network may be changing due to the initiative of Ernst & Young, Forbes has said.
The Global Blockchain Leader at the company, Paul Brody, explained during the event that the public blockchain network has the capacity of offering Fortune 500 companies their needed upside, unlike private blockchains.
Brody also explained that EY, on its path to developing its enterprise-focused solution, has been able to accomplish EY OpsChain and EY Blockchain Analyzer, confirming that the company has more to do.
Moving from the private blockchain to public networks helps eradicate the problem of vendor-consortia lock-in. This, Brody explained, helps reduce the total cost of ownership (TCO) and effective scale in-network without requiring R&D department.
Also, the new initiative would make enterprises feel more comfortable with entrusting their private data and assets with the blockchain network.
Brody said EY has been working on the initiative, Baseline, since the past month, and it has received support from Microsoft and ConsenSys.
Baseline lets enterprises connect together by leveraging Ethereum network without exposing sensitive and private information.
“This is possible by replacing the actual data with mathematical proofs of that data based on cryptography methods called zero-knowledge proofs,” Forbes claims.
Baseline initiative is also supported by top blockchain companies like MakerDAO and Chainlink, among others.