Though Blockchain technology is a trustworthy option for obtaining the desired privacy and security of information exchange, it includes transparency, sometimes, as a setback. Hence, Zero Knowledge Proof (ZKP) has is emerging as one of the protuberant solutions for attaining the requirements of transaction confidentiality.
What Do You Mean by Zero-Knowledge Proofs?
Cryptography has been linked to blockchain technology as one of the most crucial components since its beginning. Cryptography on blockchain technology is the main reason for its huge-scale adoption across diverse industries for various companies. The ZKP Blockchain applications came into existence because of new cryptography-protocols, and mechanisms based on different mathematical foundations.
The beginning of zero-knowledge proof shows a new chapter in the arena of cryptography. It is one of the most protuberant examples of cryptographic innovation with different applications, encompassing file security, secure and anonymous transactions on public blockchain networks and nuclear decommissioning.
How Do Zero-Knowledge Proofs Work?
The functionality of ZKP aims at permitting a prover to persuade a verifier about a particular fact without revealing real information. For example, you can check the balance in your bank account without any need to access your bank details and any personal information. Zero-knowledge proof can help in achieving this outcome by leveraging its three significant traits. The three crucial aspects characterizing a ZKP encompass the following,
- Completeness of the transaction is crucial. It simply implies that the reality of a statement persuades the verifier that the prover has ownership of the needed input.
- A crucial trait in the design of a ZKP is soundness. It means that it shows that a fraud prover fails to persuade the verifier that he has the needed input when their statement is untrue.
- The final factor in the design of a zero-knowledge proof is all about zero knowledge. The main indication of the zero-knowledge aspect in ZKP underlines non-disclosure of information. Even though the statement is true or false, the verifier should not learn anything about the data.
How Can a Person Use ZKPS in Blockchain?
Maybe ZKP blockchain interdependent relationship has not been discussed enough. However, industry leaders, experts, and decision-makers are identifying the value of ZKPS. The point is the scalability of ZKPS can enable the growth of blockchain technology while even offering the assurance of flexibility to users, coupled with enhanced control and freedom linked to their information. Hence, it is unavoidable to think about the possible ways in which ZKPS is altering the blockchain arena. To know how zero-knowledge proof is modifying blockchain technology, have a quick peep into the diverse areas in the blockchain system where ZKPS is appropriate.
End-to-end encryption has played a crucial part in enabling messages to be sent privately. However, conventional messaging applications need users to confirm their identity to a server. With ZKP’s, a person can prove his identity without releasing any extra personal information.
Blending ZKP’s and blockchain technology permits users to share complicated documents with security. ZKP’s have the power to encrypt data in pieces. It allows users to control specific blocks and the visibility of the information contained inside them. It permits some users to access while limiting others.
Just like ZKP’s, you can find another alternative solution by ProofEasy. It ensures security and that too without the revelation of any personal or confidential information. For example, secure QR codes like ProofEasy Global QR Codes are dynamic and different. It has blockchain-based technology, and it does not ask for any information from the users. Blockchain technology places a hashtag in the secure QR code that is immutable. Whenever someone wants to access the data or information or make a transaction, the blockchain technology matches the hash value of the QR code with the hash value registered on the blockchain network. The hash value contains biometrics like fingerprint, and no more information stays therein. Hence, no matter who you are and how much you know about technology, it is easy to use for you to make your documents, procedures, or anything secure and immutable. The unique hash value of the Secure QR code promises document safety that too without exposing any personal or confidential information. You can even use encrypted QR code generator to produce the QR for protecting your document or file. Furthermore, try guarding your transaction data or documents or other procedures with future proof Secure QR-code.
The Bottom Line
The examples you walked through in this post show that allowing privacy-preserving collaboration on blockchain platforms can release significant value for the users. If your business or organization could benefit from data sovereignty and improved security, contact us for a quick demo of our blockchain-based solutions like encrypted QR code at ProofEasy.