According to Cointelegraph, the blockchain industry still needs to work hard to achieve widespread application in multiple fields. Paul Brody of EY said that privacy is a key factor in the commercial application of blockchain.
Ahead of the Token2049 conference in Singapore, Brody said privacy will be a catalyst for blockchain adoption, with large businesses and institutional investors needing to protect sensitive data while leveraging decentralized technology.
Brody mentioned that the EY team is committed to enabling secure transactions on Ethereum Layer 2 and Polygon through privacy technology solutions such as Nightfall.
In addition, Brody mentioned EY’s off-chain contract manager, which can transform renewable energy procurement plans into fully private on-chain smart contracts.
Supply chain management is also a classic application of blockchain, but progress has been slow due to the lack of privacy protocols. Brody said EY is conducting the first end-to-end supply chain privacy tracking pilot based on public Ethereum.
