If we consider the word “ONLINE PRIVACY” we observe that both those do not get along so easily. When we do anything in online we can not expect to keep ourselves in private. If we want to send money to our parents without their knowledge its becomes impossible because we need to enter all our personal details before transactions.
When we do this their is an equally good chance of our data getting misused. It doesn’t mean our websites or apps are being blamed its just that we can’t change sometimes what technology has done to us.
Now what if I tell you we have a technology that’s absolutely suitable to keep our details privately.Reading this made me feel awesome. So I thought to share this information.
This tool is amazing. For instance this lets you prove that you’re 18 without any date of birth requirement or to
prove you have enough money in the bank for a financial transaction without revealing your balance or other details. That limits the risk of a privacy breach or identity theft.
The technology name is “ZERO-TECHNOLOGY PROOF”.It is an emerging tool of cryptographic protocol. Even though researchers were working on this for a decade or more, but this came to interest when the now cryptocurrencies,most of which are not private.
Much of the credit for a practical zero-knowledge proof goes to Zcash, a digital currency that launched in late 2016. Zcash’s developers used a method called a zk-SNARK (for “zero-knowledge succinct non-interactive argument of knowledge”) to give users the power to transact anonymously.
That’s not normally possible in Bitcoin and most other public blockchain systems, in which transactions are visible to everyone. Though these transactions are theoretically anonymous, they can be combined with other data to track and even identify users. Vitalik Buterin, creator of Ethereum, the world’s second-most-popular blockchain network, has described zk-SNARKs as an “absolutely game-changing technology.”
For banks this could be a great way of blockchains in payment systems without sacrificing their client’s details.Last year some people used it also.The setup requires a trusted setup and is also computation heavy.
But researchers are going on in this aspect.