Zero-Knowledge Proofs Expand Their Potential Beyond Web3 | Opinion
.png)
When discussing zero-knowledge proofs (ZKPs) in 2024, many people often refer to their applications in the blockchain, cryptocurrency, and web3 spaces. But the reality is that ZKPs can go far beyond the technology.
- Zero-Knowledge Proofs Could Fuel Web3 | Opinion
Zero-knowledge proofs have existed since the 1980s, long before the concept of web3 emerged. So why limit the potential of ZKPs to blockchain applications? Many traditional companies can — and should — adopt the technology without having to migrate to web3 infrastructure.
ZK Technology and Widespread Applications
Essentially, ZKPs allow for proving a piece of information is true without revealing the data behind it. This is ideal for security and privacy in many areas. The two parties — the prover and the verifier — can be completely separate to ensure fairness and transparency. And this does not need to rely on the complexity of web3.
Many businesses can take advantage of ZKPs without having a deep understanding of blockchain. The cryptocurrency industry is still in its infancy, with many still just learning about Bitcoin or Ethereum, let alone layer 2 and layer 3 technologies.
Applications in the entertainment and gaming industry
For example, in the online gaming industry, ZKPs can be used to ensure transparency. When playing games like online slots, players do not need to worry about whether the game is fair. With ZKPs, game operators can prove that the game's winning odds have been set correctly without revealing details about each spin or the identity of the player.
Recently, DraftKings and White Hat Gaming were fined $22,500 for not paying out prizes to players for a week in August 2023. This shows that a lack of transparency can cause huge losses. ZKPs can solve this problem by providing proof of payments made, without having to disclose unnecessary details.
Artificial Intelligence and ZKPs
With the growing popularity of artificial intelligence (AI), ZKPs also have great potential. With the development of AI, users are increasingly concerned about the authenticity of the data and information that AI provides. An example is the use of AI in projects like IWitness, where users interact with holograms of Holocaust survivors.
Using ZKPs, such projects can prove that the information AI provides is accurate without having to disclose all the source data. This ensures that users can trust the information provided by AI without having to access the original data.
The Decentralized Future of ZKP
ZKP is not limited to blockchain or web3 projects. It has great potential in many different fields. By using ZKP, companies and organizations can improve security, transparency, and performance without changing their current infrastructure. With decentralized verification systems like zkVerify, the future of ZKP will continue to expand, bringing many benefits to organizations and users.
ZKP is a decentralized system and does not require trust in centralized entities. This presents great opportunities for industries and businesses that want to optimize their operations without relying on the complexity of blockchain or web3.
The future of ZKP is vast and goes beyond the blockchain space. Businesses can simply “plug and play” without having to make too many changes to reap the benefits of this technology.
