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[MTN] "Development of 'catalyst' for commercialization of CBDC"..Global attention on the achievement

[Source] MTN News 30-11-2022 17:46:34 Article

"Development of 'catalyst' for commercialization of CBDC"...

Global attention on the achievements of Korean startups

[anchor comment]

As the interest rate rises and the funding line is blocked, the venture and start-up industry shrinks.

We developed a solution to solve personal security vulnerabilities and made a mark in the global market.

It is evaluated as a meaningful achievement in terms of mutual growth as the bank has grown based on a win-win model that supports startups. This is reporter Cho Jung-hyun.

[content of the article]

This is a site that shows the transaction history of the cryptocurrency Ethereum.

Due to the nature of blockchain, which prevents the possibility of counterfeiting by disclosing the original, all individual transaction details are posted.

This privacy invasion factor is a representative weakness of cryptocurrency.

In particular, concerns grow when the whole nation needs to use it, such as a central bank issued digital currency or CBDC.

However, if all details are anonymized and encrypted, the risk of money laundering increases. The solution is complex.

First of all, it is a technology called zero, zero (0) knowledge proof by designing various devices that can verify that the encrypted details are true even without decryption after encrypting the transaction.

Slow speed was a problem, but a domestic startup gained attention in the global market by reducing the transaction time in minutes to less than 3 seconds.

It is expected that this technology will be grafted onto CBDC by participating in the Bank of Korea's consortium for issuing CBDC.

[Oh Hyun-ok, CEO of zkrypto: There is such a problem as privacy when applying transactions on the blockchain. So, to prevent this, we have to encrypt and insert the transaction, but then we can't check if this transaction is correct. A technology that helps this verification is zero-knowledge proof.]

Above all, it is positive that there is high demand not only domestically but also globally.

In recent years, we have been awarded innovation awards at CES, the world's largest electronics exhibition in the United States.

This startup is currently receiving fostering support from Nonghyup Bank.

Attention is focusing on whether it will create an opportunity for dramatic change in the financial start-up industry, which has been criticized as a 'flower in the greenhouse' by some for creating only domestic solutions with ample financial support from the bank.

[Video coverage: Jo Gwi-jun]

[Video editing: Sunghoon Jin]

[Graphic: Hwang Mi-hye]

Cho Jeong-hyun Money Today Broadcasting MTN Reporter

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