Enterprise Ethereum finally has a privacy playbook.

The Enterprise Ethereum Alliance has released the first version of its Privacy Working Group report. State of Privacy on Ethereum for Enterprise.

It is the result of three months of inter-agency collaboration between seven EEA member organizations and represents a milestone for enterprise blockchain adoption.

If you ask CIOs at banks, insurance companies, and corporate treasuries what keeps them from storing real-world assets on public blockchains, the answer is almost always the same: It’s about privacy.

Ethereum’s transparency (trusted nature) also makes it incompatible with corporate confidentiality requirements. The transaction amount is disclosed. The other party’s identity is traceable. Smart contract logic can be reverse engineered by competitors. Neither of these are permitted by organizations operating under MiCA, GDPR or basic competitive confidentiality requirements.

Technology exists to solve this. But until now, there has been no unified, independent view of what is available, how it works, and how to choose.

The report profiles seven solutions from EEA member organizations, each evaluated against a standardized framework of eight enterprise requirements: transaction privacy, balance privacy, smart contract privacy, regulatory compliance, selective disclosure, mainnet payments, technology stack, and trust model.

Participating organizations and solutions include:

• Applied Blockchain: Silent Data — A TEE-based solution for off-chain data verification through on-chain proof, currently in production.
• Consensys: Linea Enterprise — An enterprise ZK+TEE hybrid on Ethereum L2 with an active enterprise pilot program.
• COTI: Garbled Circuits approach to secure computations on encrypted inputs without exposing the data to anyone is currently in production with enterprises and construction companies.
• EY: Nightfall — A public domain ZK-ZK rollup for confidential token transfers with an active integration pilot.
• Kaleido: Paladin — A modular privacy framework for EVM-based applications, enabling programmable, privacy-preserving workflows across enterprise environments.
• Polygon: Polygon CDK Enterprise — A customizable enterprise chain framework with ZK-based privacy features under active development.
• ZKsync / Matter Labs: Prividium — ZKsync’s enterprise privacy layer using zero-knowledge proofs is in pilot phase.

One of the most actionable contributions of the report is its classification of trust models. Before choosing a privacy solution, organizations must understand what they are ultimately trusting.

Cryptographic Trust (ZK, GC, MPC): Math is publicly verifiable. You don’t have to trust any operator. Hardware Anchored Trust (TEE): Trust is placed in a secure processor enclave and remote attestation from the hardware manufacturer. Organizational Trust (FHE Subprocessor): The majority of subprocessor operators must act with integrity.

Each model has different risk profiles, regulatory implications, and implementation complexities. The report provides guidance for navigating this decision.

This is version 1 of a series of recurring reports. Future versions will incorporate independent benchmarking, profiles of new entrants, and post-deployment analysis of real enterprise use cases. The EEA Privacy Working Group will continue to serve as a neutral coordinating point for enterprise privacy on Ethereum.

Organizations interested in contributing solutions to future releases or participating in a working group should contact the team at: (email protected).

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