What Is The Zero Knowledge Proofs Protocol System?

By Author: Block chain council
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Let’s admit the fact that Blockchain and cryptocurrency are here to stay. With the ease of transaction and its security features, Blockchain offers a multitude of benefits, becoming a lucrative career option. So, if you are willing to make a good Blockchain career, you need to know about the various concepts. In this blog, we are going to discuss one such concept, Zero-Knowledge Proof.

Exploring about Zero Knowledge Proof:

Before we dig deeper into Zero Knowledge Proof, let’s analyze why we need to have such a system. The digital platforms that we are conventionally using have our data like astray. It makes it highly vulnerable, most of this data is sensitive, so its safety becomes of prime importance. The scenario changed with the advent of Blockchain technology. It was a promising entry and a great alternative to the conventional system that we are using. The Blockchain technology claims to be immutable, offers a higher level of data security by cryptography, the anonymity of the user.

While such tall claims are promising and to a great extent, Blockchain fulfils its claims. Still, when we talk about ...
... transparency and ease of accessibility, anyone can become a part of the network and get access to information, so safety and security become a matter of concern. Hence, we can also say that Blockchain doesn’t offer complete security.

So, what is the way out, well, we have permission Blockchain platforms like Corda offering enterprise solution, but that is not the right solution with the kind of features which Blockchain must conventionally offer, i.e., free from third-party governance.
Zero Knowledge proof protocol system can be a probable answer to this. Zero-knowledge Proof is an encryption system that was proposed by MIT in 1980. In simple words, in this system, the prover can prove that a statement is true to the other party or the verifier without disclosing any additional information.

Let’s explain how does this works?

We have three parties involved in case of any exchange of information :
1. Prover
2. Bank
3. Verifier

Let’s say that the prover gets verified data from the bank. And the verifier makes a custom request to the prover’s data. Now the prover computes the response on the verifier’s questions and constructions a proof of correct computation. This response and completion are sent back to the verifier. Using the ZK algorithm or Zero Knowledge algorithm, they can assess whether the information is correct.
There are many real-life examples of the use of the ZK algorithm, like ZCash, ING, ZCoin etc. This system can be used for the exchange of sensitive information and Blockchain transactions.

With all this, Zero Knowledge Proof becomes a great way for transactions and the exchange of information.

Conclusion-

With such support by assisted technologies, Blockchain is surely becoming one of the leading technologies that will be safe and free from any attack. So, if you wish to become a part of the Blockchain league, then Blockchain certification is a must. Blockchain Council is offering blockchain courses that run online, and you can pursue it to become a Blockchain Developer in this technology.
To know more about this, connect with Blockchain Council today.

Blockchain Council is an authoritative group of subject experts and enthusiasts who are evangelizing the Blockchain Research and Development, Use Cases and Products and Knowledge for a better world. Blockchain technology is more than just a technology, which is emerging rapidly with a vast scope in the future. Blockchain acts as a financial network, software, distributed ledger, etc. Owing to this multitude of benefits and features, companies are now shifting their centralized and traditional working system to this trending and futuristic technology “Blockchain”. Blockchain council creates an environment and raises awareness among businesses, enterprises, developers, and society by educating them in the Blockchain space. We are a private de-facto organization working individually and proliferating Blockchain technology globally. Visit here for more details@https://www.blockchain-council.org/