zero-knowledge proof

Deloitte Leverages Zero-Knowledge Proof On New Eduscrypt Platform

‘Big Four’ accounting firm, Deloitte has partnered with cryptography startup Qedit to leverage zero-knowledge proof privacy tech on its new qualification information blockchain platform.

The announcement was made on Oct. 29 at the ZKProof Community Event in Amsterdam. The team-up between Deloitte and Israeli startup Qedit aims to facilitate privacy enhancements, giving more control to users over how a blockchain can share their education and career data while enabling the organization to track and validate the qualifications of its staff. Antoine Senatore, Chief Technology Officer, Deloitte’s EMEA Blockchain Lab believes that there are huge advantages to leveraging blockchain for both academics and enterprises. He said in a statement, “For most organizations, validating, managing and recording the education qualifications of staff and prospective hires can be a very onerous and costly process, with regulatory fines for non-compliance. Integrating Qedit’s Zero-knowledge Proof privacy solution ensures that organizations can trust in the authenticity of qualification while preserving the full privacy of the underlying data, and upholding regulatory compliance.”

Source: Deloitte: EduScrypt: The minimum competency code (MCC) solution

Shared But PrivateDeloitte’s Eduscrypt runs on a permissioned version of the Ethereum network and allows organizations to track, share and validate an employee’s qualifications and career history. However, certain laws such as the General Data Protection Regulation in Europe prohibits the free-sharing of an individual’s information, and in this case, it becomes critical to have control over how the information is shared or organizations could face serious litigation. By integrating zero-knowledge proof technology, organizations can avoid putting any real data on the blockchain and replace the data with proofs that it exists and is valid. Essentially it allows secure and authentic conveyance of proof of an individual’s background without every really sharing the information. Jonathan Rouach, Co-Founder and CEO, Qedit explained, “You can have a person prove their credentials and reveal them to the right people and fully retain control of who gets to learn what, and still have that in a notarized blockchain with all the security that it provides.”

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AntChain Integrates Zero-Knowledge Proof for Enhanced Privacy and Verification in Web3.0 Era

Ant Group’s AntChain has announced a new architecture upgrade for its privacy collaboration platform, AntChain FAIR, introducing Zero-Knowledge Proof (ZKP) as a core technology for verifiable computation. This extends trustworthy data transfer to the verification of computation processes, data attributes, and identities.

ZKP is a cryptographic technique that enables one party (the prover) to demonstrate to another party (the verifier) that they are aware of a value or hold specific knowledge without disclosing any specifics about the information or value itself.

ZKP is seen as one of the most crucial technologies for the next five years in the Web3.0 era. It allows a prover to convince a verifier of the truth of a statement without revealing any additional useful information.

The integration of Ant’s AI security detection platform “Yijian” and Ant’s privacy computing platform “Yinyu” is seen as a significant future trend. Large-scale AI model training requires a lot of data, and these data need to go through privacy computing to ensure safety and reliability.

Companies and institutions adopting ZKP architecture can ensure that the entire process of data computation is carried out according to agreed conditions, is correct, and can be verified, all while maintaining privacy. This will greatly enhance the credibility of identity verification, AI model training, data transfer, asset transactions, and on-chain and off-chain collaboration, accelerating the penetration of Web3.0 into more complex industrial scenarios.

AntChain has optimized software algorithms to accelerate the “proof generation” phase to 2.8 times the original baseline. This phase involves generating a “proof” for data, identity, computation process, etc.

To lower the threshold for using ZKP, AntChain FAIR has introduced zkWASM, a new type of ZKP virtual machine, into its trusted computing architecture. This allows for instruction-level verifiable features and supports the conversion of algorithm programs written in various front-end languages without the need to understand complex underlying algorithm details.

AntChain FAIR is a privacy collaboration platform for data transfer, combining the advantages of blockchain and privacy computing. It resolves the natural contradiction between data sharing and privacy protection in the data flow process. It is currently being used in several data exchanges, including the Hangzhou International Digital Trade Center and the Guizhou Big Data Exchange.

B Squared Network Announces Seed Investments by HashKey Capital, OKX Ventures, IDG Capital

B² (B Square) Network, a player in Bitcoin Layer 2 solutions, secures substantial seed-round investments from an array of influential venture capital firms. This strategic financial infusion marks a pivotal moment for B² Network as it aims to enhance Bitcoin’s capabilities and foster a robust ecosystem around its Layer 2 infrastructure.

At the forefront of this financial boost are esteemed entities like HashKey Capital, OKX Ventures, IDG Capital, KuCoin Ventures, ABCDE Labs, Waterdrip Capital, OGs Fund, and Antalpha Group. Their investment signifies a collective belief in B² Network’s vision and the potential of Bitcoin’s Layer 2 as a transformative technology in the blockchain domain.

Building on Bitcoin’s Layer 2

B² Network’s unique position as the first EVM-compatible Rollup and the inaugural DA layer for Bitcoin rollups leverages zero-knowledge proof verification commitment. This technological innovation aims to address Bitcoin’s inherent limitations, mainly scalability and transaction speed, by implementing advanced solutions inspired by Ethereum’s layered architecture.

The introduction of B² Network’s Layer 2 solutions is poised to revolutionize Bitcoin’s utility, extending its functionality beyond a mere store of value. This shift is expected to integrate Bitcoin more effectively into both traditional and decentralized financial systems, consequently increasing its appeal to institutional investors and the wider crypto community.

Enhancing Bitcoin’s Ecosystem

With the secured investments, B² Network plans to construct the most practical Bitcoin Layer 2 network, an endeavor that is not only technologically ambitious but also culturally significant. The project aims to revitalize the builder culture within the Bitcoin ecosystem, fostering an environment where innovation and development are paramount.

The significance of this development can be contextualized by understanding the current landscape of Bitcoin Layer 2 solutions. Recent reports from Spartan Group and Kyle Ellicott highlight the emergence of secondary networks such as Stacks, Lightning, Rootstock, and Liquid, which aim to resolve Bitcoin’s scalability and functionality challenges. These networks are vital in activating Bitcoin’s dormant capital, valued at over $800 billion, thereby unlocking its full potential.

Furthermore, platforms like Synonym Finance, which recently raised $1.5 million in an oversubscribed seed round led by Borderless Capital, are testament to the growing interest and investment in Layer 2 solutions. Synonym Finance focuses on cross-chain DeFi lending, highlighting the diversification and potential of Layer 2 technologies.

A Step Towards Mainstream Adoption

B² Network’s ambitious project, backed by substantial investments, is a significant stride towards enhancing Bitcoin’s capabilities. By addressing key issues of scalability and functionality, B² Network is not only expanding Bitcoin’s use cases but also paving the way for its increased adoption in both the traditional and decentralized finance sectors. The involvement of prominent venture capital firms further underscores the growing interest and confidence in Bitcoin’s Layer 2 potential, signaling an exciting era of innovation and growth in the blockchain ecosystem.