Ernst & Young Wants Ethereum To Go Mainstream

Big Four company, Ernst and Young, will release its anticipated Nightfall, a privacy protocol, to the public on May 31.

EY released the privacy tool, based on the zk-SNARKs protocol, to its corporate clients in April, which was the effort of over 200 blockchain developers. Applications include supply chain and finance. The development of this protocol is a big one, given that some of EY’s corporate clients include Amazon, Apple and Google.

The company generates billions of dollars in revenue and has a great reach in the enterprise world. EY had previously released a crypto tax tool for enterprises.

Speaking at the Ethereal Summit 2019, EY’s Head of Blockchain Paul Brody said that “Corporations WILL come to use Ethereum mainnet.”

According to one official post, transaction processing costs have been reduced greatly in prototype tests,

Since the launch of the initial prototype last year, EY teams have significantly reduced transaction processing costs for users of the initial prototype by more than 90%, utilizing a combination of better data encoding and a more efficient ZKP protocol.

All of the four big players have been entering the blockchain space. Deloitte and PwC are working with VeChain to better integrate blockchain solutions, and the former has migrated its clients to the VeChainThor blockchain.

The development of the protocol by such a large firm showcases the interest in Ethereum. Microsoft has also brought some exposure and potential for adoption to Ethereum by releasing a development kit to millions of developers on its Azure cloud platform.