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[ZDNet Korea]Zkrypto "Revolutionizing elections with blockchain technology... also embracing finance and logistics"

ZDNet Korea  2024-03-04

Zkrypto's 'zkVoting' System Under Trial Operation with Election Commission and Zero-Knowledge Proof Technology]

Zkrypto, a blockchain technology company, is gaining attention for its 'zkVoting' system based on zero-knowledge proof technology. This system ensures the secrecy of votes and proves the transparency of election results, drawing increasing interest.

In January, during the 59th annual Invention Day ceremony, Oh Hyun-ok, the CEO of Zkrypto, was awarded the Order of Service Merit for developing 'zkVoting'.

Moreover, following its success in 2023, Zkrypto continued to impress by winning the top innovation award at CES in 2024 for the second consecutive year. The key to 'zkVoting's' continued honor is its resolution of privacy issues, a known weakness of blockchain, while maintaining transparency through the use of zero-knowledge proof technology.

Oh Hyun-ok, the CEO of Zkrypto, explained the 'zkVoting' system at CES 2024.

At CES 2024, Oh Hyun-ok, the CEO, stated, "In cooperation with the Central Election Management Commission, we are testing the application of 'zkVoting' within their online voting system. By 2025, we plan to expand this technology globally so that Zkrypto's voting technology can be used everywhere."

The plans previously outlined by CEO Oh Hyun-ok have become more concrete over the past half year, and he is now advancing the launch of the 'zkVoting' online and offline blockchain voting service in the private sector in the second half of the year.

As the demand for transparency and fairness in voting continues to grow, attention is turning to whether blockchain technology can provide a solution to these issues.

CEO Oh Hyun-ok introduced 'zkVoting', stating, "Starting in the second half of the year, zkVoting will ensure secret voting and prove the transparency of the results. It will verify that each vote is properly generated and that the results can be verified by everyone," adding, "To prevent hacking concerns, we have enhanced the security of the voting devices and provided a mechanism that allows users to verify their own votes, ensuring the reliability of the voting process."

'zkVoting' offers both online voting systems and electronic voting systems at polling stations. Zkrypto applies online voting to less critical elections, such as union votes or school president elections, to build trust before extending it to more significant elections.

CEO Oh commented, "It will take time before we can apply it to significant votes like congressional or presidential elections. However, there are regions in the global market, such as Southeast Asia, Latin America, and Africa, where online voting is applied to major elections. We plan to introduce 'zkVoting' to these regions and expand our market by implementing it there."

zkVoting main image.

Zkrypto is continuing to collaborate on applying 'zkVoting' beyond the Central Election Management Commission to wider areas such as local communities and broadcasting.

CEO Oh Hyun-ok mentioned, "We intend to offer 'zkVoting' for apartment resident votes and school elections. Additionally, the broadcasting sector is showing interest, particularly for tallying music program rankings, which is an area where reliability is crucial. There are some discussions already progressing in these areas."

Zkrypto also plans to showcase services utilizing zero-knowledge proof technology beyond voting in more sectors.

CEO Oh Hyun-ok stated, "We are developing a service in the financial sector that allows for transfers while protecting personal information. In the virtual asset space, we plan to launch the zkWallet, which maintains anonymity while adhering to anti-money laundering regulations. We are also exploring ways to apply blockchain technology in collaboration with the existing financial sector."

Additionally, it is noteworthy that Zkrypto is participating in the research on the Central Bank Digital Currency (CBDC) that the Bank of Korea is preparing to introduce. According to CEO Oh, Zkrypto provided a privacy solution for the first phase of the CBDC simulation tests conducted by the Bank of Korea and continues to be involved in related research.

CEO Oh also mentioned, "Blockchain technology can be applied to prove the reserve requirements of banks or virtual asset exchanges. Currently, this proof must be conducted through auditing agencies or accounting firms, but a blockchain-based solution could allow exchanges, banks, and brokerage firms to provide this proof themselves."

Oh Hyun-ok, CEO of Zkrypto.

CEO Oh also stated that zero-knowledge proof technology could be applied to logistics, content transactions, and various government services, and could also be used to enhance the quality of services the government provides to the private sector.

He explained, "Various government agencies such as the Ministry of Public Administration and Security, the Court Administration Office, and the National Tax Service can develop services that protect personal information while providing transparency using zero-knowledge proof technology. Through the blockchainization of government data, the private sector could also develop useful services." He added that this technology could be effectively used in various fields including preventing rental scams, authenticating genuine products, and securing transparency in content transactions.

CEO Oh Hyun-ok noted that blockchain and zero-knowledge proof technologies are continuing to grow in the global market, and it is essential to closely monitor these developments domestically.

He mentioned, "While support is increasing overseas, in Korea, the situation is quite challenging due to reduced R&D budgets, resulting in a decline in blockchain research teams."

He further added, "Speculative aspects of virtual assets are becoming more prominent, leading to regulatory entanglements and delays in institutionalization. However, globally, virtual assets are being recognized as commodities or securities, and systems are being developed accordingly. Korea also needs to quickly adjust its regulations by taking cues from international examples."

Reported by Han-jun Kim,

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