Exploring Zero-Knowledge Proofs (ZKPs) and Their Applications in Blockchain

As the digital world keeps evolving and keeps getting better, one of the things that I am so certainly sured of is the fact that the digital world will continue to evolve and evolve and will continue to get better much more than what it is now. We have around what is called there catalyst for the development of digital world which is artificial intelligence. Even though Artificial intelligence is regarded as the catalyst, I strongly believe Blockchain technology have been playing a major role in the development also and that is just about to get better and better.

Talking about Blockchain technology itself, I will say there are some certain things that I actually believe the Blockchain technology needs to work upon even though it is developing rapidly. In fact, I will fully admit that one of the challenges that the Blockchain technology needs to be looked into is in the aspect of data confidentiality. What do I mean by that, I mean in the full security and privacy of data. This single challenge for the past 5-10 years have been affecting the Blockchain space negatively which has even given way for even fraudsters to use it for their own gain.

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In recent years, one of the developments that have come in that aspect in order to deal with the challenges of the data confidentiality and Scalability is in the aspect of zero knowledge proofs called the ZKPs. This has a lot of potential to address those challenges. ZKPs as it is called work in a whereby it create this access for one party to know an information that other party know without not giving full details of the information itself. This particular development was first tested in the year 1980s and since then has been used tremendously in the Blockchain space.

When it comes to the ZKPs, it must have three properties which I believe needs to be looked into. The first one is the fact that it it must have completeness so that the statement must be true and verified. The second one is in the aspect of soundness which will help make sure every statement that is false must also be verified and after being verified must be rejected. The third one is in the aspect of zero knowledge. All these three properties must definitely be completed before ZKPs can be established.

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When it comes to ZKPs, there are a whole lot of applications most especially in the Blockchain space. The first one is in the aspect of privacy preserving transactions. It helps to make sure that every transactions that are carried out, the details of the transactions such as the sender and the exact figures in the transactions is kept private. Not only that, ZKPs helps in what I call the scalability enhancement. I will explain that also. It helps to make sure that the volume of transactions carried out instantly is of huge volumes and the last one which is not really popular again is the identity verification.

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