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[Newspim] Finger, zkrypto and zero-knowledge proof technology and financial institution-specific...

[source] Newspim 28.06.2023 14:11

Finger, zkrypto and zero-knowledge proof technology and financial institution-specific business model development

[Seoul=Newspim] Reporter Lee Na-young = KOSDAQ-listed comprehensive fintech company Finger signed a memorandum of understanding (MOU) with zkrypto, a zero-knowledge proof technology company, to develop blockchain-based zero-knowledge proof technology and financial institution-specific business models. announced on the 28th.

'Zero-knowledge proof', which is in the limelight as a next-generation security technology, is a technology that generates proof that the data is valid without exposing confidential information to the verifier. As a core technology of blockchain expansion solution characterized by high security, R&D is being actively conducted around the world.

Through a business agreement with zkrypto, Finger plans to develop a business model that optimizes financial companies using zero-knowledge proof technology and introduces innovative financial services with high personal information security. The two companies plan to promote business cooperation in the field of distributed ledger technology development for token securities.

Finger CEO Ahn In-joo (left) and zkrypto CEO Oh Hyun-ok are taking commemorative photos after signing a business agreement.

zkrypto is a company with globally recognized zero-knowledge proof technology, and operates the blockchain-based online voting system 'zkVoting' and the digital asset transaction protection service 'Azeroth'. These technologies have won the Consumer Technology Association (CTA) Best Innovation Award and Technology Innovation Award at CES2023, respectively.

zkrypto is also drawing attention for its 'ZK-rollup' technology, which is a blockchain layer 2 expansion solution based on zero-knowledge proof technology. Recently, the financial authorities announced guidelines for issuing token securities in a distributed ledger entry method, but the current distributed ledger technology has limitations in processing large-scale data at once, so a layer 2 expansion solution is being discussed as a solution. am.

zkrypto CEO Oh Hyeon-ok (Professor, Hanyang University) said, “Zero-knowledge proof is moving into the commercialization stage after proof of concept of technology.” It is a service that commercialized zero-knowledge proof technology that can support the government's monitoring of money laundering while encrypting and protecting transaction information."

He added, "Through this business agreement with Finger, we expect to create innovative financial service models while strengthening security and personal information protection."

Ahn In-joo, CEO of Finger, said, “With the start of open banking and my data service, privacy and security have become more important than ever in a situation where the boundaries between financial services and IT industries are blurring.” As a law that mandates the application of proof of knowledge has been passed, the technology is attracting more attention.”

"With the business agreement with zkrypto as an opportunity, we will develop zero-knowledge proof technology that will be used as the foundation technology for next-generation financial service security and take the lead in realizing the next fintech service," he said.

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