ZKP is a cryptographic method that allows one party (the prover) to prove to another party (the verifier) that a statement is true, without revealing any specific information about the statement itself. For example:
- verify you are of legal age to purchase a beer, without the vendor being able to see your date of birth.
- prove you live in a specific country or area, without disclosing your private home address.
- confirm you have the necessary income for a mortgage application, without revealing your exact salary.
In the realm of digital security and transactions, ZKP can be used to verify the authenticity of information without revealing the data itself. Okay, wild thought, could it be possible that creating a bank-account could be performed entirely using ZKP while both private and compliant?
This is where zkKYC comes into play, which leverages the principles of ZKP to create a system where users can verify their identities without revealing their actual personal data.
Individuals no longer need to expose their personal details to companies, mitigating the risk of data breaches. Since there's no need to transfer, store and verify sensitive data, the process can be faster and more streamlined. Businesses can save on many big costs. zkKYC can be designed to meet regulatory requirements, ensuring that businesses stay compliant without sacrificing user privacy.
As digital interactions continue to dominate our daily lives, demand increases for systems that prioritize security and privacy. With more industries adopting blockchain technology and other advanced cryptographic methods, it excites me to foresee a future where you never have to hand over your sensitive personal data to prove your identity. Instead, cryptographic assurances will vouch for the authenticity of your claims, ensuring a safer and more private digital ecosystem for all.”
A recent Zero Knowledge Proof published by Mauro Lorenzo Halve can accessed via the link:
https://insights.pecb.com/pecb-insights-issue-45-oct-nov-dec-2023/#page110
