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June 22, 2024
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Zero Knowledge Proof Blockchain Technology: Hyderabad-based Firm Introduces Zero Knowledge Proof Blockchain Technology | Hyderabad News

Hyderabad: Posidex Applied sciences, a Hyderabad-based info insights and knowledge analytics firm, has give you zero information proof (ZKP) blockchain expertise within the nation for the primary time. Only some nations like the US and Israel are at present growing this expertise. Know-how specialists imagine this technique is crucial given the numerous constraints on knowledge sharing and privateness, in addition to knowledge residency guidelines in place throughout the globe, together with India. With ZKP, the identical knowledge on the supply doesn’t must be shifted to a different area however could also be processed simply on the host degree utilizing the ZKP algorithm with out the information being shared or shifted, specialists stated. ZKPs are a cryptographic methodology used to show information a few piece of knowledge with out revealing the information itself, an skilled stated.“Applied sciences equivalent to ZKP, homomorphic encryption (HME) and privateness enhancing applied sciences (PETs) are among the many most secure strategies for processing an encrypted knowledge. A good world financial institution validated our expertise. We completed testing in six months,” stated GT Venkateshwar Rao, managing director of Posidex Applied sciences. Rao is a former IRS official from Telangana.Many organisations would want to share and match their knowledge throughout nations. “Suppose, an Indian buyer of a financial institution travels overseas, the identical financial institution together with his account can not entry his e-KYC particulars. As a result of they can not transfer or entry knowledge within the nation utilizing any current expertise — although it’s potential — massive firms have been experimenting with numerous strategies to entry the encrypted knowledge of people,” stated VS Ramesh, a blockchain skilled. He additional stated: “New applied sciences equivalent to ZKP make it easy. The consumer (often a human) can not entry the encrypted knowledge saved in a single area or division, however they’ll utilise this method, which is able to verify the specifics of people and authenticate them.”He stated this kind of blockchain expertise performs a major position in cracking encrypted knowledge. For instance, the Nationwide Intelligence Grid (to share knowledge amongst Indian govt businesses) proposed in the course of the UPA tenure failed as a result of Indian businesses and departments refused to share particulars citing knowledge privateness, Ramesh added.Information residency laws prohibits using expertise emigrate knowledge from one area, location or division to a different. “The final knowledge safety regulation (GDPR) is in place, limiting knowledge sharing in Europe,” an skilled defined.Private knowledge contains an individual’s cellphone quantity, bank card, account info, quantity plate, look, buyer quantity and handle. In India, digital private knowledge safety (DPDP) prevents any change of knowledge. Three NIT college students from Warangal — Venkat Reddy, Bhavani Shankar Chittoor and Venu Gopal — stated: “We will crack ZKP as a result of we constructed AI-based algorithms nearly a decade in the past.”

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