Our Week started with a new Blockchain Challenged called Zero Knowledge Proof (ZKP) which is new for us… well, it’s not that new for the Industry, tough. It had been a medical discovery in the 1980s. The people who uncovered it won the Turing Award (the highest honour for a PC scientist) for discovering the presence of Zero Understanding Proofs. It was not until a few years ago that scientists uncovered methods of computing no Knowledge Proofs which were efficient enough that people could put them into blockchains. With all the ZKP, you can demonstrate the reality of some statements without uncovering the complete information. For example, you can use ZKP as opposed to sending someone a scan of your driver’s licence over the internet, which proves that there’s a file which is an official ID credit card and contains my name into it, and it shows that I am accredited to drive and also 20 years old. Nonetheless, it does not show every other fact, such as my birth time, address, etc. Countries like India are discussing putting college certificates on the blockchain to be easily verified. This could be one way to make that possible by posting encrypted forms of certificates to the blockchains, as you would be able to use it to prove facts about your certificates without divulging private information to any wrong partners. As we are excited about such evolution, we must understand that we are at an early adaptation period. At this moment, even if the probability of verification by the verifier while the prover is lying can be significantly low, ZKPs don’t guarantee that the claim is valid 100%. In Addition, ZKP is Computation intensity as they are based on computationally intense Algorithms. Today, we are witnessing where centralised platforms like Facebook, Amazon, and Google sell our data for profit to manipulate our behaviour through advertising. ZKP offers a transparent public network that protects people from the snoopers, peepers, and creepers of our digital age.
15 September 2022
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