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How to Generate Powerful Blockchain Data Privacy?


Data security has been a latest topic lately. The declaration that millions of Facebook users’ data were broken by the political consulting firm Cambridge Analytica has sent a jolt through the tech world.

With the huge amount of data people collect to companies like Facebook, it’s necessary to have ways to secure information and keep sensitive data safe. Valuable weapon in the war for protection and security.

It’s a mouthful to say, but its probabilities are easy. Is a form of cryptography that proves possession of crucial information without releasing that information, and without any interaction between prove and verifier?



For example, specifics could use some proofs to evince their bank details hold a certain amount of money. But evinces wouldn’t release the accurate amount of money in the accounts. Only that they did—or did not—meet a certain monetary threshold.

These proofs are providing blockchain companies to develop smarter, automated systems that can attest to definite facts without revealing the data behind those facts.

That’s important because while greater transparency has long been the target of many blockchain advocates, transparency has its limits. Both companies and individuals have reasons to keep sensitive detail private, while still cutting edge the profits of a decentralized blockchain community.

Reputed companies are helping to do just that

Where did they come from?

Blockchain technology may seem latest because it’s being used in emergency systems, but the first zero-knowledge proofs were built in the late 80s. And the first zero-knowledge succinct argument was constructed in a paper by Joe Killian from 1992.

But advance structures of security form did not arise until decades later. In 2012, Alessandro Chiesa, a professor at UC Berkeley and co-inventor of Zero cash, co-authored a paper that coined the term.



How do they work?

Your childhood math experts possibly told you time and time again, “You have to show your work.” You had to prove the steps that led to your conclusion.

But in the real fact, people often don’t want to show their program. Their task may contain essential business intelligence or data they don’t want others to show. Financial information, passwords, identities or inventory information—it all has to be secured. 

It provides a way for a party to evince the exact or existence of one piece of data without actually revealing it.

For example, let’s say a man needs to meet a bar, but he doesn’t want to reveal his age. Obviously, that’s a problem. The bouncer needs to know he is 21 years old to comply with the law. If zero-knowledge proofs were involved, the bouncer could run a program to scan the ID and control whether the man was at least 21 years old. The age itself is not revealed, only the answer to whether or not the man meets the age requirement.

Have extensive uses today.

In the finance world, zero-knowledge proofs are being used to help security the catches of Cryptocurrency movement. Many people don’t aware that Bitcoin and most other cryptocurrencies expose every user’s payment history on blockchain. Which means anyone can look up the information surrounding a payment.

There are a number of conditions where the parties completing a transaction don’t want that information to be publicly available. Would a business require its customers to be able to look up similar how much each client is moved?

Finances and transactions are mostly held to be private information, the publicizing of which could put specifics or companies in compromising situations.

The digital currency Zcash is using zero-knowledge proofs to solve this problem. Its Zero cash secure, privacies the identity of the payer, the recipient, and the amount. Instead of making all that information public, users can select to pay others with anonymous “zerocoins.”

Forms are also require for the future.

Blockchain systems, like those offered by the San Francisco-based technology company, Chronicled, can provide track-and-trace capabilities and full visibility into supply chains in practically every industry. The problem is that even permissioned blockchain allow all node operators to access data stored on nodes within the network.

So, if multiple companies join one blockchain network, each of them can access all the data in the community. That’s a non-starter for most firms, especially those with sensitive business intelligence they need to keep to themselves.

Security form to provide an awesome solution to this problem. Rather than recording all the data from a business transaction or process, form access businesses to store only the proof of the transaction on a node. Companies can keep their sensitive data to themselves, while still maintaining confidence in a connected record of provenance.

As the world becomes further automated, and as companies gather more and more data, privacy and data protection will become paramount. There are dystopian shadow to some of the uses for blockchain and other emerging technologies. You only want to look at China’s new reputation score to see an unsettling notion coming to life.

That’s why both companies and specifics will profit from a system that uses zero-knowledge proofs to protect their identities, private data and competitive business intelligence while tracking necessary business information.



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