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[DigitalToday] Zkrypto solves blockchain privacy issues

[Source] Digital Today (DigitalToday) 2021.03.22 10:01 article

Zkrypto solves the blockchain privacy problem


Interview with Oh Hyun-ok, CEO of zkrypto “Blockchain Privacy Guaranteed with Zero-Knowledge Proof Technology”

“Blockchain will spread its use in the sense of an automation service, and since data is open, privacy issues will inevitably arise. Encryption technology called zero-knowledge proof will solve the privacy problem of block chains.”


Oh Hyun-ok, CEO of zkrypto, said that as the blockchain becomes more active, security issues will arise, and as a result, Zero-Knowledge Proof, which he has been researching for years, will play a big role.


Zkrypto is a laboratory start-up founded in November of last year by Professor Oh Hyun-ok of Hanyang University as the representative, and provides blockchain privacy and trust guarantee services. It is a company that is participating in the 2020 preliminary start-up package (non-face-to-face) support project hosted by Hanyang University and specializes in zero-knowledge proof technology among cryptography.


Zero-knowledge proof technology is an encryption technology used when you want to know something, but do not want to know what you know. It is evaluated that Hanyang University possesses domestic source technology and has excellent technology enough to be recognized as an international standard by an international zero-knowledge standardization organization.


CEO Oh Hyun-ok said, "As I was researching cryptography technology, I thought that it should be helpful to the industry rather than remaining as a simple technology." he explained.


zkrypto's potential is intertwined with 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. Blockchain has a privacy exposure problem because all data is open. At this time, by using ZCrypto's zero-knowledge proof technology, it enables public verification while guaranteeing the privacy of data.

Oh Hyun-ok, CEO of zkrypto, explained, “Blockchain privacy can be guaranteed with zero-knowledge proof technology.”


zkrypto's biggest strength is its technology. This company has the source technology of zero-knowledge proof and application software technology. The barriers to entry are also high. Hanyang University is the only place in Korea that has original technology. There are only about 5 companies in the US, Europe, and Israel that have related technologies overseas. zkrypto is unique in Asia.


Oh Hyun-ok, CEO, explained, "zkrypto's technology can be applied to various blockchain applications, and there are three telecommunications companies, domestic IT companies, foreign IT companies, and public institutions."


zkrypto is preparing two major products. The first is an online voting system. We are developing an online voting system that prevents proxy voting, guarantees secret voting, prevents ticketing, and defends against coercion using zero-knowledge proof technology. The second is the field of digital assets related to digital currency.


We are developing a solution that uses zero-knowledge proof technology to ensure that transactions are legitimate while protecting privacy. In particular, if only privacy is emphasized, there is a concern that the surveillance function will be weakened, but a digital currency system that also strengthens the surveillance function is being developed.


Representative Oh introduced that zkrypto has a bright future. This is because privacy and scalability are important technologies of blockchain, and zero-knowledge proof can support both. He said, “Zero-knowledge proof is a technology that is used in developing blockchain applications, so if blockchain technology continues to be used, our technology will inevitably be used, so the prospects are bright.” Although the actual company was established in less than three months, it has also raised $300,000 in sales with blockchain digital asset services, and plans to win government projects for electronic voting and electronic certificates.


It is also noteworthy that the technology itself has a high entry barrier. Globally, there are not as many companies that use zero-knowledge proof technology, only five in Europe, the United States, and Israel. Most of these companies were founded with technology developed in universities, and while they mainly focus on blockchain assets, Zkrypto focuses on developing blockchain applications.



Professor Oh Hyun-ok introduced that zero-knowledge proof technology has a high entry barrier, and that only about five companies are active worldwide. Above all, CEO Oh is keeping an eye on the fact that the understanding of zero-knowledge proof has increased in the blockchain industry.


It is well known that zero-knowledge proof technology is used abroad to solve the privacy problem of blockchain, but it has been dismissed as an unsolvable problem in Korea. However, it is expected that business opportunities will continue to arise as related domestic companies are also learning through recent overseas cases.


zkrypto has established plans to enter the business-to-business (B2B), business-to-government (B2G), and business-to-individual (B2C) markets in the mid- to long-term. We plan to support blockchain companies to utilize zero-knowledge proof technology, and are also interested in government projects such as electronic voting and electronic certificates. Ultimately, it has a strategy to enter the B2C market and generate revenue while providing privacy solutions when individuals receive asset services using blockchain.


CEO Oh Hyun-ok said, “As the use of blockchain grows, zero-knowledge proof technology will stand out.” “As there are already many cases overseas, if domestic blockchain companies contact us that they need this technology, we will provide the technology at any time.” said.


Source: Digital Today (http://www.digitaltoday.co.kr)



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