{"id":168745,"date":"2023-10-05T15:03:26","date_gmt":"2023-10-05T09:33:26","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=168745"},"modified":"2023-10-05T15:03:26","modified_gmt":"2023-10-05T09:33:26","slug":"zk-proofs-particularly-relevant-in-financial-services-google-cloud-web3-lead-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/zk-proofs-particularly-relevant-in-financial-services-google-cloud-web3-lead-crypto-news\/","title":{"rendered":"ZK-proofs \u2018Particularly Relevant in Financial Services\u2019: Google Cloud Web3 Lead – Crypto News"},"content":{"rendered":"
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On-chain privacy-preserving technologies such as zero-knowledge proofs<\/a> have applications in fields such as financial services and healthcare, according to Google Cloud\u2019s Head Of Web3 Engineering.<\/p>\n

Speaking at CCDAS 2023, James Tromans called ZK-proofs \u201cparticularly relevant in financial services and Web3 more broadly,\u201d adding that, \u201cthe idea that you’re going to put option contracts on-chain and have the counterparties and the strike price and the notional so forth, visible to everybody makes no sense.\u201d<\/p>\n

Zero-knowledge proofs <\/a>are a cryptographic technique used to prove that something is known, without exposing the known information.<\/p>\n

The technology has become a focus of efforts to boost on-chain privacy; Ethereum co-founder Vitalik Buterin recently co-authored a paper<\/a> exploring how ZK-proofs could be applied to a privacy-preserving blockchain protocol that balances user anonymity with the need for regulatory compliance.<\/p>\n

\u201cIf we’re going to live in a world where we put these types of deals on-chain\u2014and not on a centralized exchange which has the responsibility of keeping that information safe and private\u2014then we’re going to need additional privacy-preserving technologies that perhaps aren’t in production at scale being used today to solve these problems,\u201d Tromans said. ZK-proofs, he added, \u201cmay be one way to achieve that.\u201d<\/p>\n

Zero-knowledge proofs beyond token prices<\/h2>\n

At CCDAS, Google Cloud\u2019s Tromans argued that ZK-proofs and other on-chain privacy technologies could have applications in fields such as healthcare.<\/p>\n

\u201cI think this is relevant in other industries, where a lot of the investment we’ve seen come into Web3 for the past few years\u2014and obviously, much of that has shifted to AI<\/a> recently\u2014will bear fruit that isn’t just this speculation on token prices,\u201d he said, pointing to technologies including ZK-proofs and multi-party computation.<\/p>\n

Such technologies, Tromans noted, have wider applicability beyond blockchain. \u201cWe’re going to see them in use in other places, and that’s going to add value,\u201d he said. \u201cSo for me, Web3 is much more than just blockchain and decentralization of data.\u201d<\/p>\n

However, he cautioned that the oft-touted Web3 concept of users owning their own data may be overstated.<\/p>\n

<\/p>\n

\u201cI don’t believe we’re going to suddenly see that businesses won’t hold your data,\u201d he said, adding, \u201cPutting aside zero-knowledge proofs, we\u2019re still going to need to share our data with the businesses that we do business with.\u201d If businesses offer \u201ca great service and [are] adding value, customers will want to give them their data,” he said.<\/p>\n

More broadly, Tromans added, Web3 adoption still has a long way to go, likening it to the \u201chard and still ongoing\u201d transition of large organizations to the public cloud.<\/p>\n

\u201cWe’re talking about something that’s even less clear to these organizations, about how Web3 and blockchain will work for them,\u201d he said. \u201cThey’re not going to make that transition and just down tools on what they were doing before\u2014unless they can realize new revenue streams and get access to new things that they weren’t doing before.\u201d<\/p>\n

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Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

On-chain privacy-preserving technologies such as zero-knowledge proofs have applications in fields such as financial services and healthcare, according to Google Cloud\u2019s Head Of Web3 Engineering. Speaking at CCDAS 2023, James Tromans called ZK-proofs \u201cparticularly relevant in financial services and Web3 more broadly,\u201d adding that, \u201cthe idea that you’re going to put option contracts on-chain and […]<\/p>\n","protected":false},"author":2,"featured_media":168746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-168745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/168745","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=168745"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/168745\/revisions"}],"predecessor-version":[{"id":168752,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/168745\/revisions\/168752"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/168746"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=168745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=168745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=168745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}