etnews 2024-10-29
[Original Article] https://www.etnews.com/20241029000210
ZKRYPTO 'Fineapple' Structure Diagram. 〈Source: ZKRYPTO〉
A new platform is launching that allows financial institutions to prevent incidents such as employee embezzlement without needing to disclose asset movement details externally. Utilizing 'Zero-Knowledge Proof,' a form of blockchain technology, the platform enables verification of legitimate transactions without revealing transaction records.
On the 29th, industry sources reported that blockchain technology company ZKRYPTO is set to launch "Fineapple," a financial platform featuring these capabilities. This platform integrates with existing financial databases at high speed while linking with blockchain. The deposit information of financial institutions is stored on the blockchain as a Commitment (CM), maintaining a level of transparency and accountability.
Zero-Knowledge Proof technology enables verification of asset ownership without infringing on personal privacy, such as financial records. Individuals and institutions can verify their asset holdings, while blockchain technology ensures transaction validity and supports Proof of Reserve for financial institutions.
The soon-to-be-released Fineapple platform ensures transaction validity while protecting user privacy. It processes transactions in real-time while overcoming traditional financial platform limitations on data protection. Through Fineapple, financial institutions can confirm transaction reliability without accessing users’ personal information.
ZKRYPTO is currently conducting research with the Bank of Korea on Privacy-Enhancing Technology (PET). The company has completed experiments on anonymous remittances based on Zero-Knowledge Proof and anti-money laundering (AML) and Counter-Financing of Terrorism (CFT) regulations for anonymous international remittances, accumulating essential technologies for token transactions.
With the launch of Fineapple, ZKRYPTO aims to accelerate its entry into the global financial market. ZKRYPTO has already gained attention in global markets, winning the CES Innovation Award for two consecutive years with its voting platform "ZKRYPTO" and digital wallet "zkWallet." Additionally, the company is collaborating with the National Election Commission and the Bank of Korea to explore blockchain technology's applications across public and financial sectors.
Hyun-Ok Oh, CEO of ZKRYPTO, stated, “Zero-Knowledge Proof technology is a unique encryption method that allows the validation of data without disclosing it, ensuring both privacy and reliability. ‘Fineapple’ leverages this technology to drive innovative changes in financial markets such as CBDCs, tokenized securities, and RWAs.”
– Reporter Hyung-Doo Lee (dudu@etnews.com)
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