New York-based Big 4 firm EY has released a new OpsChain Network Procurement (ONP) solution, which allows companies to establish agreements on the Ethereum blockchain while keeping sensitive data private.
EY’s first business application for the public Ethereum blockchain, the ONP is built on the open source Baseline Protocol, which was developed by the firm earlier this year in conjunction with Microsoft and Consensys. The Baseline Protocol uses zero-knowledge proofs, off-chain storage and distributed identity technology, giving companies the ability to establish agreements with each other without actually placing sensitive documents or private data on the blockchain itself.
“Competition is increasing between networks of companies, their partners and suppliers,” says Paul Brody, EY global blockchain leader. “The ability to work as a network, above the level of any single ERP system, is crucial. Doing so on a public blockchain means not having to persuade a company or supplier to join a costly, closed proprietary network.”