What is Zero Knowledge Proof?

Zero knowledge is a building block used for authentication and identification.

Zero knowledge proofs (ZKPs) make it possible to anonymize crypto transactions.  They allow a user to prove that a situation is real without revealing information about it. In the crypto world, this would make it possible to enable a user to prove that they do have Bitcoin without showing their signature or public address.

Bitcoin, for example, has the benefit of being a decentralized platform, but it’s still public and everyone can see the network’s transaction history. Because of this, some users hesitate to adopt this technology because of the lack of confidentiality. Hence the appeal of ZKPs in blockchain.

The lack of complex encryption and the fact that it minimizes information disclosures are two key benefits for zero knowledge proofs.

The applications of ZKP are not confined to cryptocurrency or decentralized identity systems. Indeed, they can also take part in the dissemination of sensitive information without citing sources.