While scrolling through the internet, I came across a beta technology whose purpose it is to perfect online privacy. From my point of view this is an interesting topic due to the fact that I strongly value my own (online) privacy. Which I feel could be of equal interest to others and therefore this blog.
This particular tool, is called zk-SNARK (for “zero-knowledge succinct non-interactive argument of knowledge”). It has been developed by the technological staff within Zcash, a cryptocurrency built upon the blockchain. It is a relatively new coin, founded in 2015, offering total payment confidentiality with the use of this rising technology (ZCash, 2018). This additional feature will enable them to have a unique position in the market.
The question that naturally arises is: What will be the impact of zk-SNARK? This is indeed a key question. One sees more and more the requirement to show proof of identity, i.e. buying spirits and buying medicine. Zk-SNARK functionality is to provide a full proof solution as regard personal privacy; where one can prove possession of certain information, e.g. your age, without revealing that information, and without any interaction between the prover and verifier (“What are zk-SNARKs? | Zcash”, 2018). This zero-knowledge proof technology is making a name for itself in the rising blockchain world but can also be found in other sectors such as the financial world. JPMorgan Chase have expressed an interest to inbed this particular feature in their own blockchain payment system (IO, 2018).
An example occurring in daily life with regards to this technology; is when you are going out with a group of friends and the security guard asks for your identification card; the zk-SNARK proof enables the security guard to run a program checking if you are at least 21 years old. Possession of this age requirement is proven without any other information further given to the security guard (Forbes, 2018) .
This illustration is only the tip of the iceberg; looking into the future, opportunities to implement this technology seem endless. Not having to worry about your personal information being manipulated and organizations reducing their risk in losing valuable information. The job we have is sharing and providing information streams around the world and not neglecting the privacy we all value.
Sources:
ZCash. (2018). Retrieved from https://www.crunchbase.com/organization/zcash
IO, C. (2018). Top Breakthrough Technologies For 2018 : Perfect Online Privacy. Retrieved from https://www.citi.io/2018/03/13/top-breakthrough-technologies-for-2018-perfect-online-privacy/
What are zk-SNARKs? | Zcash. (2018). Retrieved from https://z.cash/technology/zksnarks
Forbes. (2018). Retrieved from https://www.forbes.com/sites/samantharadocchia/2018/04/24/why-zk-snarks-are-crucial-for-blockchain-data-privacy/#78c4ab6e50f0
