Wed Feb 22 2023
Zero-knowledge proofs are cryptographic protocols that tell you something is true without providing additional secret information beyond what you want to prove.
Zero-knowledge proofs (ZKP) are a method of verifying information without revealing the underlying data. Example of Zero Knowledge Proof- Imagine a scenario where Alice wants to prove to Bob that she is over 21 years old without showing her exact age.
One possible solution would be for Alice to show her ID to Bob, revealing her date of birth, which is more information than necessary.
In real life, ZK Proof can be applied to various industries and use cases, such as financial transactions, medical records, and digital identity verification. Zero Knowledge proof example: ZKP crypto can be used in the financial sector to prove ownership of an asset without revealing the exact amount or a person's identity without revealing their personal information.
In summary, zkp blockchain is a powerful technology that can prove a statement's truth without revealing sensitive information. Its potential applications are vast, from finance to healthcare and beyond.
An Issuer is any entity that issues claims. A claim is a statement made by an Issuer about another subject. For example:
- A bank issuing a claim that a customer's account balance is above a certain threshold without revealing the exact ratio.
- A government claims a citizen is above the voting age without revealing their exact date of birth.
- An e-commerce site claims a customer's credit score is above a certain threshold without revealing the exact score.
These are some claims that can be verified by producing Zero Knowledge Proofs:
- A bank’s claim could be verified using a zero-knowledge proof blockchain, proving that the balance is above the threshold without revealing the actual value.
- A government’s claim could be verified using a zero-knowledge protocol, proving that the citizen is above the voting age without revealing their exact age.
- A medical claim could be verified using zero-knowledge proof, proving that the patient has the condition without revealing their entire medical history.
These are instructions on creating a Polygon ID account and using the platform to create and offer claims. The steps in detail are as follows:
Scan this QR from the polygonID wallet app to add this claim.
Zero-Knowledge Proofs have enormous potential to restore people's control over their data by allowing others to verify specific attributes of that data without revealing the data itself. This will significantly impact finance, health care, and other industries because it will allow transactions while protecting data privacy. Reveation Labs is a decentralized protocol that uses zero-knowledge proofs to enable interoperable privacy in DeFi.
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