European Union discusses using zero-knowledge
The European Union’s exploration of Zero-knowledge proofs (ZKPs) for digital IDs is part of its broader goal of enhancing the security and privacy of its citizens’ data. The proposal to use zero-knowledge proofs permitted by the EU Committee and may incorporate into the modernized constitution. European Union discusses using zero-knowledge proofs for digital IDs. Although a project known as central bank cryptocurrency lacks secrecy standards of different remote cryptocurrencies.
With the increasing dependency on digital identities and the threat is growing of cybercrime. The EU is searching for new ways to safe citizens’ personal information. Therefore, Zero knowledge proofs ZKPs allow the verification of information without the need to reveal the actual data. After the acceptance of ZKPs the European union can improve its cybersecurity measures and safeguard the privacy of its citizens.
Last week, the research and energy committee of the European Union took a great step towards bolstering privacy. In February, the board permitted the enclosure of the standard of Zero-knowledge Proofs in its changes to the European digital identity framework. And this draft passed with a majority vote and will now move on to the trialogue time of discussion.
Although the draft did not publish publically, the press release assures that EU citizens will grant full control of their data. So, they will get the opportunity to know what information they will share and with whom. New ID enables them to verify themselves online via a European digital identity wallet. It will remove the need for citizens to rely on commercial providers for their digital identity.
The senior director of government affairs at Circle noted on Twitter too. It would facilitate the emergence of upcoming business models and bring opportunities in the digital economy. By this, many companies will be able to develop the latest products and services that rely on Zero-knowledge proofs and eID solutions.
Zero-knowledge proofs have just gathered researchers’ attention to ensure regulatory submission and privacy in digital currencies. Many foundations like the Mina Protocol in San Francisco, The German Hauck Aufhauser Lampe bank, and Luxembourg University’s Centre for Security, Reliability, and Trust jointly published a paper that expressed how zero-knowledge Proofs could connect to Europe’seID electronic identity system.
Still, not everyone is convinced that this step is adequate. In an article, the co-founder of kycDAO and the CEO of Veri Labs argued that proofs alone are insufficient. When personal information sharing between transaction participants is mandatory. He guided that relying solely on an off-chain solution is not recommended in a few cases.
Despite reservations, the anticipated adoption of Zero-knowledge Proofs in the European Union discusses using zero-knowledge proofs for digital IDs. Thus, it remains to see how the final draft will design after negotiation.
As far as the proposal is concerned, it has the potential to produce a safe and more secure digital environment for European citizens.
Zero-knowledge proofs have recently attracted researchers’ attention as a way to ensure regulatory compliance and privacy in digital currencies.