Bitcoin Global News (BGN)
April 17, 2019 -- ADVFN Crypto NewsWire -- When you think
about Ethereum, you likely don’t think about its’ utility for
institutions first. Even so, Ernst & Young, which is one of the
world’s most powerful auditing firms, has released it’s own
business blockchain offering called Nightfall. What makes Nightfall
special is it’s overall goal of increasing institutional adoption
of the Ethereum blockchain for development.
Reportedly, Nightfall is a protocol
that helps companies establish a connection to the Ethereum
blockchain for certain use cases like improving their transactional
systems and streamlining their supply chains. What is perhaps most
striking about Nightfall for the average crypto investor is that it
allows companies to conduct private transactions with
zero-knowledge proofs on the Ethereum chain.
According to CoinDesk, there is yet
another feature that brings the most interesting implication to the
table. With Nightfall, EY is also aiming to change the way that
blockchain projects are developed to increase collaboration and
therefore, further adoption across the space.
In short, they are releasing
Nightfall with no software license tied to it at all. This means
that anyone can develop it further or even sell it, without making
any payments or attributions at all to EY. Since Nightfall was also
apparently built to support tokenized goods over digitized
documents like the Interplanetary File Storage System or something
similar, it’s also important to know why this is the
case.
CoinDesk reports that for now at
least, the bulk of EY’s efforts will likely be in marketing
Nightfall as a solution for improving the tracking of goods from
end-to-end of a company’s supply chain, without accidentally,
improperly transferring their ownership.
At face value, this particular use
case is nothing new. When considered together with the fact that
Nightfall relies heavily on the ERC 721 token standard, it is
clear, however, that EY wants Nightfall to be the first blockchain
that can support the supply chains of many companies at once. If
the reasoning behind this is still not clear, just think about the
fact that ERC-721 tokens have the ability to help companies
distinguish between a representation of an asset and who owns
it.
This is important so that items can
be tracked without, as suggested above, mistakenly transferring
their ownership at the same time. Now, all that stands in the way
of EY’s plans is whether businesses will choose to use Nightfall,
including whether making it public domain was the ideal choice at
the same.
By: BGN Editorial Staff