Why public blockchains over private ones?
Private blockchains were created largely because transaction privacy was not possible on a truly decentralized public blockchain until recently. For each member of the network to approve stratégie et transactions, it was necessary to know who was sending (or agreeing) to what and with whom.
The result would be that if any company wanted to exchange money tokens for product tokens, everyone would be able to determine how much they bought and what they paid. Given the extremely sensitive competitive nature of enterprise pricing, that made truly decentralized public blockchains unusable.
Private blockchains allow for more privacy and control, but they are not decentralized. Private blockchains have operators and managers and are still likely to empower those operators with advantageous market positions.
They are, in the end, only modestly better than a web portal when it comes to reducing the strategic risk of participation in digital business networks. While they can be useful, we believe that private blockchains will never deliver upon their full promise of this technology.
Why create Nightfall?
We created Nightfall in order to make stratégie et transactions on public blockchains secure and private. Developed by the EY Blockchain team, Nightfall replaces sensitive business information with a type of cryptography called a Zero Knowledge Proof (ZKP). This technology is designed to bring trust to public blockchain stratégie et transactions.
Secure, public blockchains will not just create an enormous blockchain market, they will have a hand in driving a global gain in productivity. With the release of Nightfall software into public domain, the EY brings this vision closer to reality.
The idea is simple even if the math is hard. Instead of showing the actual information, you simply show the mathematical proof that you did something instead. Other parties on the blockchain cannot determine from that who passed what information to whom, but they can use the proof to verify the truthfulness of the statement.
Stratégie et Transactions processed using this technology are private to all blockchain users except those authorized to see the information. Companies will still be able to provide full traceability and transaction history to auditors and regulators without revealing transaction content more widely.
Read “Say hello to Nightfall” to learn more about this privacy-enhancing technology and how the software’s release to public domain brings is a major milestone in the transformation of the full business lifecycle.