“Block chain will be used as a means to spread the automated service, not only can cause privacy problems because it going public data encryption technology called zero knowledge proof will solve the privacy issues of the block chain.”
JiCrypto CEO Oh Hyun-ok said that the more the blockchain becomes active, the more security issues will arise, and as a result, the Zero-Knowledge Proof, which has been directly researched for many years , will play a big role .
Zcrypto is a lab startup company founded in November of last year as a representative of Professor Hyun-Ok Oh of Hanyang University , and provides blockchain privacy and trust guarantee services . It is a company specialized in zero-knowledge proof technology among cryptography .
The fact that zero-knowledge proof technique to know what I want to say is easy to announce, the encryption technology used when you want to inform itneunjineun know something. The Hanyang University and holds a domestic source technology, and evaluation technology is superior enough to be recognized as an international standard by the international standardization bodies zero knowledge.
Ohhyeonok representative “was to establish a company in effect suggesting support zero-knowledge proof technology to block chains privacy problem solving” “I research the encryption technology, rather than simply remaining a technology was thinking motivation should be to help the industry,” said He explained .
Zcrypto’s potential is tied to the growth of the blockchain market . According to Gartner data, the global blockchain market is expected to grow to 2.5 trillion won this year and 800 trillion won in 2028 . Block chain there is a problem in privacy exposure is all data is shared, it is considered to be transparent, the verification is a chain block utilization decreased difficult only by data encryption. At this time, if Zcrypto’s zero-knowledge proof technology is used, public verification is possible while ensuring the privacy of the data .
The biggest strength of Zcrypto is its technology . The company possesses the original technology of zero-knowledge proof and application software technology . Entry barriers are also high . Hanyang University is the only one in Korea that has original technology . There are only about five companies in the United States , Europe , and Israel that have related technologies overseas . Zcrypto is the only one in Asia .
Ohhyeonok representative explained, “if the technology is applicable to a variety of crypto block chain applications, the three telecom companies, the domestic IT companies and foreign IT companies and the demand of the public authority exists”. First of all, Zcrypto is preparing two products . The first is the online voting system . Proxy voting prevent secret ballot guarantees, ticketing prevented, and the online voting system developed to defend against coercion to take advantage of the zero-knowledge proof techniques. The second is the field of digital assets related to digital currency . We are developing solutions that ensure that transactions are legitimate while protecting privacy using zero-knowledge proof technology . In particular, if only privacy is emphasized, there is a concern that the monitoring function will be weakened . However, we are developing a digital currency system that also strengthens the monitoring function .
CEO Oh introduced that Zcrypto’s prospects are bright . Inde important technology of the block chains privacy and scalability, zero-knowledge proof is possible because both support. He said, “zero knowledge proof will not only be used if the development of the technology used and then continue to use this technique to block the chain block chain is essential to the application of our technology brighter prospects,” he said. The actual company also established three months Unfortunately block chain also raised 300,000 US dollars revenue in digital asset services, plans to order the e-voting, e-government projects certificates.
It is also noteworthy that the technology itself has a high entry barrier . Even in the world, there are not as many as five companies in Europe , the United States , and Israel using zero-knowledge proof technology . Most of them are companies founded with technology developed by universities , mainly focusing on blockchain assets, while Zcrypto is focusing on blockchain application development .
CEO Oh is paying attention to the increased understanding of zero-knowledge proofs in the blockchain industry above all else .
To address the privacy concerns of the block chain overseas, but it is that the zero-knowledge proof techniques using well known, the country has gotta dismissed as a problem can not be resolved. However, this is because domestic related companies are also learning through recent overseas cases, and business opportunities are expected to continue to arise .
In the mid to long term, Zcrypto has a plan to enter the business-to-business (B2B), business-to-government (B2G), and business-to-individual (B2C) markets . And it will support the block chain businesses to take advantage of the zero knowledge proof technique, degree of government electronic voting, electronic certificates and projects concerned. Ultimately, it may enter the B2C market, when individuals are taking advantage of the receive block chain asset services, while providing privacy solrusyeonreul have a strategy to monetize
Ohhyeonok Representative “will be provided whenever a domestic block chain companies give the contact that it needs the technology described as an even already several international cases coming”, “block the larger chains utilize Young proven technologies will be highlighted knowledge,” it said Said .
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.