Zero-Knowledge Proof - a game changer for customer data security

Minimalist · Nov 24, 2018

Identity verification poses a challenge to businesses. Confirming that customers are who they say they are by implementing 'Know Your Customer' ( KYC) processes is an accepted way to serve customers, limit fraud and comply with anti-money laundering regulations. At the same time, collecting personally identifiable information creates new headaches as data privacy regimes such as GDPR and CDPR come into force. Moreover, rich sets of personal data are targets for hackers and increase business risk.

The solution to these challenges may require a counterintuitive approach: stop collecting information altogether. Significantly, both Privacy-by-Design and the GDPR are driving data minimalization. Blockchain-based digital identity systems that apply a technique called zero-knowledge proof let businesses verify information about a customer without ever receiving that information. With zero-knowledge proof, businesses can minimize the collection of personal data and reduce both the burden and the risks that holding personal data creates.
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https://bravenewcoin.com/insights/zero-knowledge-proof-a-game-changer-for-customer-data-security

Palancar · Nov 27, 2018

Its essential. e.g. with password mangers and encrypted email providers its critical (for me anyway) that I control ALL the variables needed to access my data/information. As an adult I can and should handle that. Further; this also means that a provider CANNOT betray me by providing access to anyone at all, including themselves. ZK is the wave of the future for security.

Minimalist · Sep 14, 2019

Hacker Lexicon: What Are Zero-Knowledge Proofs?

In digital security, the less stray information floating around the better. The fewer companies storing your financial records, the less likely they'll be exposed in a breach. But though there are lots of ways to cut down on data sharing and retention, there are some things services just need to know, right? Thanks to the cryptographic method known as “zero-knowledge proofs” that’s not always the case.
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https://www.wired.com/story/zero-knowledge-proofs/

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Zero-Knowledge Proof - a game changer for customer data security

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