Zero-Knowledge Proofs, Explained

Zero-Knowledge Proofs, Explained

Here’s what you need to know about zero-knowledge proofs (ZKPs)

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

1.

A zero-knowledge proof is a digital protocol that allows for data to be shared between two parties without the use of a password or any other information associated with the transaction.

In its most basic sense, a zero-knowledge proof (also commonly referred to as ZKP) can be thought of as a protocol through which a digital authentication process can be facilitated without the use of any passwords or other sensitive data. As a result of this, no information, either from the sender’s or receiver’s end, can be compromised in any way. 

This is quite useful, especially since such a level of safety provides tech enthusiasts with an avenue to communicate with one another without having to reveal the content of their interactions with any third party. 

The idea underlying zero-knowledge proofs first came to the fore back in 1985, when developers Shafi Goldwasser, Charles Rackoff and Silvio Micali presented to the world the notion of “knowledge complexity” — a concept that served as a precursor to ZKPs. 

As the name suggests, knowledge complexity acts as a metric standard to determine the amount of knowledge required for any transaction (between a prover and verifier) to be considered valid.


Zur Quelle
[/ihc-hide-content]

Here’s what you need to know about zero-knowledge proofs (ZKPs)

Samsung SDS to Use Zero-Knowledge Proofs on Business Blockchain

Samsung SDS to Use Zero-Knowledge Proofs on Business Blockchain

Samsung SDS’ enterprise blockchain platform Nexledger will use QEDIT’s zero-knowledge proof privacy solution

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Samsung SDS, the IT arm of tech giant Samsung, has integrated QEDIT’s zero-knowledge proof solution (ZKP) to its Nexledger blockchain. By applying ZKP, Samsung SDS intends to provide a higher level of privacy for users of its enterprise blockchain platform Nexledger, QEDIT said in a press release on Nov. 14.

To apply the technology, Samsung SDS has signed a memorandum of understanding with Israeli privacy-enhancing technology provider QEDIT in Seoul. According to the announcement, the agreement was signed by Jeanie Hong, senior VP at Samsung SDS’ blockchain division, and Jonathan Rouach, CEO and co-founder of QEDIT.

Based on ZCP cryptography, QEDIT’s protocol is designed to allow parties employing enterprise blockchains to record and authenticate transactions on a shared ledger without disclosing confidential data.

Specifically, QEDIT’s private asset transfer solution makes digital payments between banks private when they are transferred, while regulators and institutions can selectively disclose certain details about transactions. Hong said:

“The performance of QEDIT’s private asset transfer solution has been exemplary during the rigorous series of testing and trials we conducted. The QEDIT team has consistently demonstrated the ability to horizontally scale ZKP cryptography in a blockchain environment, and has shown a deep appreciation of the challenges confronting enterprises from a privacy perspective.”

QEDIT’s tech has already been deployed by major global firms

Prior to partnering with Samsung SDS, QEDIT has made similar agreements with other major global firms, including Big Four auditing firm Deloitte. Following an agreement announced in late October 2019, the CTO at Deloitte’s EMEA Blockchain Lab noted that QEDIT’s ZCP solution ensures that organizations can trust the authenticity of qualifications while maintaining data privacy and regulatory compliance.

As reported by Cointelegraph, ConsenSys’s enterprise blockchain startup Kaleido became the first firm to implement QEDIT’s ZCP solution in mid-September 2019.


Zur Quelle
[/ihc-hide-content]

Samsung SDS’ enterprise blockchain platform Nexledger will use QEDIT’s zero-knowledge proof privacy solution