Originally published on: September 17, 2024
The blockchain industry has been making strides in various sectors, but when it comes to widespread adoption in the business world, privacy is the missing ingredient according to Paul Brody, global blockchain leader at EY.
In a recent interview with Cointelegraph ahead of the Token2049 conference in Singapore, Brody emphasized the crucial role that privacy plays in driving blockchain use cases forward.
Brody pointed out that the lack of privacy is a significant barrier for businesses looking to adopt blockchain technology, especially for larger companies. Protecting sensitive information such as business contracts and pricing strategies is essential, and organizations need a way to keep this data private while still benefiting from decentralized technology.
While achieving privacy on a public chain is challenging, industry leaders like EY are working on innovative solutions to address this issue. EY’s Nightfall, a zero-knowledge proof (ZKP) technology built on Ethereum layer 2 and Polygon, enables secure transactions without compromising data privacy.
One example of EY’s privacy-focused applications is the Off-Chain Contract Manager for Renewable Energy Purchasing, which allows for the creation of fully private on-chain smart contracts for renewable energy grants.
Supply chain management is another area that could greatly benefit from blockchain technology, but the lack of privacy protocols has hindered its widespread adoption. EY is currently working on its first pilot for end-to-end supply chain traceability under privacy on public Ethereum with full tokenization, aiming to revolutionize trust in product authenticity and traceability.
Brody expressed optimism about the future of blockchain technology, stating, “I feel like we’re so tantalizingly close to grasping that item and making it production-worthy.” With advancements in privacy solutions, the potential of blockchain to transform industries is within reach.
