EY Open-Sources ‘Nightfall’ Code for Private Transactions on Ethereum

EY Open-Sources ‘Nightfall’ Code for Private Transactions on Ethereum 1

One of the world’s largest consultancy firms has released a new set of protocols for enabling private transactions atop the ethereum blockchain.

The project, dubbed “Nightfall,” by Ernst & Young (EY) was released on GitHub Friday.

The goal, according to the code’s description on GitHub, is to provide a means for transacting on ethereum with “complete privacy.” As it states:

“Nightfall integrates a set of smart contracts and microservices, and the ZoKrates zk-snark toolkit, to enable standard ERC-20 and ERC-721 tokens to be transacted on the Ethereum blockchain with complete privacy. It is an experimental solution and still being actively developed.”

Coinbase 3

As previously reported by CoinDesk, the freely-available code is aimed at helping corporate EY clients use the ethereum blockchain for use cases that include supply chain management, food tracing, and transacting between different corporate branches.

Nightfall leverages a well-known technology in the crypto space known as zero knowledge proofs (ZKPs). ZKPs, put simply, allow for the sharing of information proofs between untrusted parties without revealing the information itself.

Putting ZKPs to work

As explained by Jonathan Rouach – CEO of privacy-focused blockchain application QEDIT – it’s similar to showing someone Waldo exists on a picture without revealing where on that picture he is located. The popular children’s activity book “Where’s Waldo” requires users to locate a key figure in a crowded image.

ZKPs make such a matter possible using a combination of information theoretics and cryptography, Rouach explained during an address at Consensus Construct 2019.

First introduced in the late 1980’s, ZKPs not only separate information from data but also duly prove information without revealing data. It is currently being used by cryptocurrency projects such as Ligero and Zcash to secure on-chain transaction privacy.

QEDIT also uses zero-knowledge proofs to build blockchain-based privacy tools for enterprise clients such as VMWare and RGAX, a subsidiary of Reinsurance Group of America. Most recently, QEDIT closed a $10 million Series A round from investors including Ant Financial, the payments affiliate of e-commerce giant Alibaba.

EY, in specific, aims to run Nightfall in two of their existing blockchain products called “EY OpsChain” and “EY Blockchain Analyzer,” according to the firm’s global innovation leader for blockchain, Paul Brody.

The EY OpsChain is meant for coding applications on the blockchain for use cases such as procurement, sales, inventory management, and the like.

“We have a second application called the Blockchain Analyzer and that’s really to help understand what we did on a blockchain,” explained Brody to CoinDesk. “It’s primarily used by our audit teams to match transactions between public or private blockchain networks and ERP systems and other enterprise systems for audit purposes.”

Now, with the Nightfall code publicly released on GitHub, Brody notes that other developers outside of EY and their clientele can further iterate and build systems leveraging the new protocol.

Brody told CoinDesk:

“We’re trying to put together an entire suite of capabilities that would include audit and security [and] would allow an enterprise to say yes we are comfortable that we can do secure, private, reliable and regulatory compliant business transactions on a public blockchain network.”

Night image via Shutterstock 

EY Open-Sources ‘Nightfall’ Code for Private Transactions on Ethereum 2
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 42,557.00
ethereum
Ethereum (ETH) $ 2,944.80
tether
Tether (USDT) $ 1.00
cardano
Cardano (ADA) $ 2.13
binance-coin
Binance Coin (BNB) $ 363.63
xrp
XRP (XRP) $ 0.946261
solana
Solana (SOL) $ 136.79
polkadot
Polkadot (DOT) $ 29.79
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.211945
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 42,557.00
ethereumEthereum (ETH)
$ 2,944.80
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 529.44
litecoinLitecoin (LTC)
$ 157.03
bitcoinBitcoin (BTC)
36.342,61
ethereumEthereum (ETH)
2.514,79
tetherTether (USDT)
0,853975
bitcoin-cashBitcoin Cash (BCH)
452,13
litecoinLitecoin (LTC)
134,10
bitcoinBitcoin (BTC)
31,117.89
ethereumEthereum (ETH)
2,153.25
tetherTether (USDT)
0.731205
bitcoin-cashBitcoin Cash (BCH)
387.13
litecoinLitecoin (LTC)
114.82

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021

Blockchain/Cryptocurrency Questions and Answers

Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin42,655 0.16 % 0.54 % 9.50 %
Ethereum2,956.8 0.02 % 2.04 % 13.68 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Cardano2.150 1.43 % 1.12 % 10.24 %
Binance Coin365.89 0.54 % 0.94 % 11.68 %
XRP0.9650 3.28 % 3.82 % 11.98 %
Solana138.97 5.42 % 0.86 % 11.69 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
USD Coin1.000 0.09 % 0.26 % 0.05 %
Dogecoin0.2127 0.35 % 0.25 % 11.76 %

bitcoin
Bitcoin (BTC) $ 42,557.00
ethereum
Ethereum (ETH) $ 2,944.80
tether
Tether (USDT) $ 1.00
cardano
Cardano (ADA) $ 2.13
binance-coin
Binance Coin (BNB) $ 363.63
xrp
XRP (XRP) $ 0.946261
solana
Solana (SOL) $ 136.79
polkadot
Polkadot (DOT) $ 29.79
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.211945