EY – one of top 4 auditing giants – has reportedly introduced an updated version of its zero-knowledge proof (ZKP) blockchain, particularly designed to bring down transaction costs by 90%.

Specifically, on December 19, EY has publicly made its 3rd iteration of  the ZKP blockchain tech available, with a public domain stored on the Ethereum Blockchain. 

The new ZKP blockchain is expected to improve the scalability of private transactions on public blockchains, via bringing down the fee for transactions, with the method of combining numerous private transfers in one transaction.

Particularly, the new version has the power to compile up to 20 private transfers in one transaction, significantly brings down the cost for transaction to $0.05. 

The updated version, which can be downloaded from Github, is 400 times more efficient compared to the previously rolled out EY blockchain prototype back in October last year. 

Paul Brody, head of EY global blockchain – stated that the new tech can be considered “most important EY blockchain milestone”, in its masterplan to improve public blockchains scalability on a worldwide level. 

“With this iteration, we cut the cost per transaction by more than 90% again, making private transactions more accessible for mainstream business application.”

The updated tech was available shortly after the revelation from Brody, regarding EY’s plan to release its smart contract and token testing service in beta.