High-end cameras that digitally sign photos along with metadata like location and timestamp are already available, but the challenge lies in posting these large digital files on news websites. However, ZK-proofs offer a solution by significantly reducing the file size while preserving critical verification elements. This technology can prove the authenticity of a recording or image, including the date, without revealing identity or location.ZK-proofs are expected to have a major impact on the finance sector, with 41% of respondents in a survey believing that finance is the industry most in need of ZK-proofs. Mexican cryptocurrency exchange Bitso has partnered with tech firm Proven to implement a “proof of solvency” solution using ZK-proofs. This protocol allows investors, regulators, and others to verify the exchange’s solvency based on daily reports. Customers of the exchange receive unique receipts reflecting their holdings, and any discrepancies can be raised on social media for further investigation.The use of ZK-proofs to demonstrate financial solvency gained traction after the FTX exchange’s collapse. If such a protocol had been available, the exchange’s wrongdoing might have been detected earlier. FTX Japan, now Liquid Japan, has already adopted Proven’s proof-of-solvency technology. ZK-proofs can also be relevant in the context of digital identities, proving their authenticity whether issued by the government or private entities.While ZK-proofs still face challenges, such as the need for a truth source or “oracle” and concerns about computational complexity and scalability, they have the potential to address the challenges of fake news and privacy. As the technology and infrastructure improve, ZK-proofs could provide a 21st-century solution to ensure authenticity and accountability in various sectors, including finance and digital currencies.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇨🇠|
| Sentiment | neutral |
| Relevance Score | 0 |
| People | None |
| Companies | Bitso, Polygon, University of Luxembourg’s Interdisciplinary Centre for Security, Reliability and Trust, Proven, Big Four audit firms |
| Currencies | None |
| Securities | None |
