ZDNet Korea 2024-10-06
[Original Article] https://zdnet.co.kr/view/?no=20241006092343
[Digital Future Innovation Awards: Korea Internet & Security Agency President's Award] ZKRYPTO 'zkVoting'
ZKRYPTO, a startup developing blockchain privacy and scalability solutions, was awarded the Korea Internet & Security Agency President's Award at the '8th Korea Digital Future Innovation Awards.' This award recognizes the achievements of ZKRYPTO's blockchain voting system, 'zkVoting,' based on Zero-Knowledge Proof (ZKP) technology.
Founded in 2020 by Professor Hyun-ok Oh from Hanyang University's Department of Information Systems and Professor Ji-hye Kim from Kookmin University, ZKRYPTO is developing solutions that provide privacy protection and scalability on blockchain using Zero-Knowledge Proof technology. The company has gained recognition for its technological capabilities, having won the Best of Innovation award at CES 2023 and 2024 consecutively, both domestically and internationally.
Notably, ZKRYPTO has been in the spotlight for its public sector contributions, such as incorporating privacy-enhancing technologies for the Bank of Korea's Central Bank Digital Currency (CBDC) and successfully executing the Korea Election Commission’s blockchain voting system project.
Hyun-ok Oh, CEO of ZKRYPTO.
Building on this momentum, ZKRYPTO is moving forward with the commercialization of its blockchain-based voting system, 'zkVoting 2.0.' Additionally, the company is working to expand this technology into various sectors such as logistics and remittances, aiming to provide a secure trading platform for token markets, including CBDC, STO, and RWA.
The 'zkVoting' system, which received the award, is the world's first public blockchain voting system developed using Zero-Knowledge Proof technology. It overcomes the limitations of traditional secret voting systems by guaranteeing both secrecy and transparency simultaneously.
Additionally, by leveraging the inherent characteristics of blockchain technology, which records all actions, the system prevents any alterations to the vote contents, enhancing both security and reliability. Another advantage is the system's ability to generate Zero-Knowledge Proof on personal mobile devices, strengthening privacy while enabling public verification of the voting results.
The electronic voting system market is expected to grow at an average annual rate of 7% by 2029, with a surge in demand for remote voting solutions following the COVID-19 pandemic. In South Korea, the adoption of electronic voting for shareholder meetings is expanding, and the National Election Commission is advancing its blockchain-based online voting system.
zkVoting example image.
In this environment, ZKRYPTO's 'zkVoting' has established a unique position in the market through the application of Zero-Knowledge Proof technology. ZKRYPTO confidently asserts that 'zkVoting,' the world’s first public blockchain-based voting app, offers both stability and reliability, with no competitors at the same level of technological advancement currently in the market.
In fact, 'zkVoting' has been recognized globally, winning the Best of Innovation Award at CES 2023 and 2024 consecutively.
ZKRYPTO has already secured two domestic patents and one international patent related to Zero-Knowledge Proof technology. In addition, the company is in the process of filing 15 more international patents. This is part of ZKRYPTO's proactive strategy to maintain a global technological advantage in the fields of blockchain and Zero-Knowledge Proof technology.
Looking ahead, ZKRYPTO plans to enhance 'zkVoting' with improved features, expanding its application beyond public elections to include areas such as school student council elections, public opinion surveys, and entertainment audition voting.
Moreover, ZKRYPTO is actively working to expand the global presence of 'zkVoting' by participating in international exhibitions and engaging in marketing activities to increase market share both domestically and internationally.
Hyun-ok Oh, CEO of ZKRYPTO, stated, "Our goal is to remain a company that solves societal problems through technological innovation, even five or ten years from now. Based on Zero-Knowledge Proof technology, we plan to build a transparent and trustworthy blockchain infrastructure, offering solutions that ensure both privacy and transparency in global voting, logistics, and digital asset trading markets."
He added, "Our mission is to create a transparent and trustworthy world. We will continue to lead a better future through ongoing technological development."
Reported by Han-jun Kim, khj1981@zdnet.co.kr
Comentarios