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[ETNEWS] Zkrypto's 'Knowledge Certification Technology' the Bank of Korea CBDC Simulation Supply]

Updated: Nov 25, 2022

[Source] ETNEWS 22-11-2022 16:00 Article | Zkrypto's 'Zero-Knowledge Proof Technology' Supplied CBDC Simulation for Korean Bank

Hanyang University Startup Development "Anonymous transfer takes 2-3 seconds" Online voting system 'ZKVoting' 'CES Best Innovation Award' technology proven

<zKVoting, a zero-knowledge proof-based blockchain online voting system developed by Hanyang University startup Zkrypto>

A domestic university start-up is attracting attention by supplying zero-knowledge proof (ZKP) technology to the central bank digital currency (CBDC) simulation project of the Bank of Korea. The hot topic company is Zkrypto, a startup founded by Hanyang University. The company has been recognized for its technology in the global market, such as winning the 'Best Innovation Award' at CES 2023, which will be held in January next year, with its own developed technology. In a blockchain environment, all transaction parties and transaction details are transparently disclosed. Transparency is a strength of blockchain, but it does not reflect the needs of users who want anonymity. For example, a normal individual buying something in a supermarket with cash guarantees some degree of anonymity, but in a CBDC environment, all individual transactions are public. Zero-knowledge proof is a technology that can secure transaction transparency without revealing one's identity to the other party in a blockchain environment. It is often compared to the way in which, when standing in front of a cave and trying to open the cave door, A proves that he knows the spell by opening the cave door without revealing the spell to B.

In a CBDC environment, anonymity between individuals is guaranteed, but only authorized institutions such as the Financial Intelligence Unit (FIU) can verify transaction details when necessary. This is to meet both private and governmental requirements. In this CBDC simulation project, the Bank of Korea also experimented with applying zero-knowledge proof to the digital asset transaction area based on GCrypto's technology. Kim Hyung-joon, director of zkrypto, said, “In a recent Bank of Korea CBDC simulation, we developed a practical technology that can be applied to a level where the time required for anonymous transmission is currently about 2-3 seconds.” zkrypto was founded by Oh Hyun-ok, a professor at Hanyang University. It was supported by the Hanyang University Industry-University Cooperation Foundation. The blockchain online voting system 'ZK Voting' developed by zkrypto won the Best Innovation Award at CES 2023. Currently, the blockchain-based voting system is open to voters, but this solution protects voter privacy, enables anonymous voting, and allows anyone to verify voting results. If introduced in actual elections, the effect of significantly reducing manpower, cost, and time, and enhancing transparency and reliability of elections can be expected.

Director Kim said, “According to the MIT research report, the block chain voting system currently used in elections has a disadvantage that it cannot be completely verified, and anonymity is not completely guaranteed.” I think I got it,” he explained. The digital asset trading app 'Azeroth' developed by Gcrypto also won the CES 2023 Innovation Award. It can contain all digital assets such as cryptocurrencies and non-fungible tokens (NFTs). In particular, by applying the anonymous transfer function and audit function to NFT for the first time, it is possible to respond to regulatory authorities. Director Kim said, “Zero-knowledge proof is a key technology that moves Web 3.0 to blockchain,” and added, “With high privacy protection, customer data is not exposed, allowing general companies to create related services while also complying with regulatory and authority requirements. “As a result, we can expect the effect of increasing both blockchain utilization and privacy in various fields that require security, such as mobile payment and identity authentication.”

Reporter Okjin Bae

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