Although the crypto community suffers a lot from hacking and sim swapping, on the other hand, their trusted blockchain ecosystems face privacy issues. However, researchers, together with other experts, are finding ways to seal those look holes, which cause privacy issues. For ING bank, finding ways to solve the privacy issues on the R3 Corda ecosystem has been its primary goal since the bank is about to start doing business with Corda.
The above led to researchers from ING bank suggesting the introduction of zero-knowledge proofs (ZKPs) on Corda notary service to help get rid of the privacy issues. Per their whitepaper, ZKP is the perfect solution for the bedeviling privacy issues present in the Corda blockchain ecosystem.
ZKPs Kills Two Birds with One Stone
Although the R3 Corda blockchain network was built based on controlling data while limiting the amount of info shared, when it comes to its notary services, the latter has loopholes.
First and foremost, it has two options a non-validating notary and a validating notary. However, despite being two, each notary has its drawbacks.
When it comes to validation notary, for it to validate any transactions, it has to go through all the previous deals leading up to the one being authorized. Although it is appropriate, it’s compromising the privacy of the participants by going through all the transactions.
However, when it comes to the other option, the contents of the transactions aren’t needed during validation. The second option only keeps records when authorizing the said transaction, but it gives hackers a loophole to initiate an invalid transaction.
For all the above drawbacks, ING bank is presenting ZKPs, which validates transactions without having to check the contents. Through its algorithm, the privacy of the users is protected, and hackers can’t initiate any invalid transaction.
Besides just pointing out how ZKPs will help get rid of privacy issues on the Corda platform, the representative from ING also pointed out that it is way faster compared to Corda notaries. Due to its timely nature, ZKP settles fears of experts who believe they are demanding and take a lot of time because of the many computations. Per ING research, ZKP takes less than a minute to verify transactions meaning there are perfect for that task.