Understanding EY Newly Launched Zero-Knowledge Proof Blockchain

In its strategy to cut transaction costs, EY, a renowned auditing firm, introduced Zero-knowledge Proof (ZKP) blockchain on the 19th of December 2019. The function of ZKP as a digital protocol is to enable data distribution between two participants without the use of a password or other related details in the transaction. This EY’s ZKP is ethereum-based, and its purpose is to bring more scalability for private transactions on public blockchains by reducing the cost of transactions. The previous gets…

Smart Contracts: Behind the Scenes!

One of the “killer applications” of blockchain technology is smart contracts. Smart contracts are essentially normal contracts that enforce themselves according to the agreed terms and conditions are written in the code. What makes this a “killer app” is that it removes the middleman for services, just as Bitcoin removes the middleman for asset transfers. With smart contracts, intermediary services such as brokers and agents are made redundant, instead of becoming a more expensive opportunity cost to using smart contracts.…

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