Opinion: Despite the hopes of zero-knowledge enthusiasts, ZK proofs are inadequate when it comes to conducting Know Your Customer measures.
presents an opportunity to reexamine and innovate solutions used in our day-to-day life. Blockchains and, broadly speaking, the digital space fuelled by an artificial intelligence revolution urgently need to establish verifiable human identities to ensure trust, accountability and regulatory compliance.
A wallet with zero-knowledge proof that does not interact with an on-chain service that requires such a proof avoids the public disclosure of the proof. Yet this wallet can only transact with another proof-holding wallet following a precursor interaction or the involvement of an intermediary. The hidden nature of these proofs requires both wallets to reveal their proofs to one another proactively.
It is worth noting that emerging blockchain technologies advance zero-knowledge-enabled smart contracts, keeping the interacting wallet address private. However, the issues around the need for dynamic proofs and the inability for verified-to-verified peer-to-peer transactions remain relevant even with these advanced solutions.Projects considering zero-knowledge proofs often contemplate producing these proofs about encrypted data stored on a public ledger.
Because storing personal information on a blockchain furthers non-compliance with privacy regulations, it is not an ideal solution for storing any form of personal information on-chain.Due to the limitations that each blockchain is limited to information and data available on that given chain, builders in the space must consider other blockchain native mechanisms.
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