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LBank supports EU plans for Zero-Knowledge Proof for Digital IDs
Posted:
| Last updated: March 21st, 2023
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On Feb. 9th, the EU’s Industry, Research, and Energy Committee introduced zero-knowledge proofs to its amendments to the European digital identity framework (eID). This amendment was voted in by 55 votes to 8 in the committee, leading the draft to the trialogue stage of negotiations.
“The EU is one of the earliest regions to have comprehensive data protection regulation. It has now taken a pivotal step to protect the privacy of its citizens’ digital identities. The incorporation of zero-knowledge proof is certainly a plus,” LBank CMO Kaia Wong commented.
With this advancement, EU citizens have more control over their personal data, being able to decide whether they will share their information, and who they choose to share it with.
According to a report by the European Commission, existing digital wallet solutions are linked to payment solutions. Although convenient, this makes control over personal data difficult while risking fraud and cybersecurity threats.
“The new eID would allow citizens to identify and authenticate themselves online (via a European digital identity wallet) without having to resort to commercial providers, as is the case today – a practice that raised trust, security and privacy concerns,” an EU Parliament press release stated.
In addition, the amendments propose to make the eID Wallet a tool that can also read and verify electronic documents and allow for peer-to-peer interactions. All transactions would be registered to ensure third parties are held accountable. Provisions to securely request, obtain, store, combine and use personal identification data and electronic certificates are also included.
Zero-knowledge proof implies that the sender or receiver could get proof of the authenticity of the information without gaining access to the material. A joint research paper by German blockchain-based payments fintech firm etonec and other organizations discussed the use of zero-knowledge proofs to ensure regulatory compliance and privacy in stablecoins. Their design also explored the possibility of connecting to Europe’s electronic IDentification, Authentication, and trust Services (eIDAS) regulated identity system.
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Disclaimer: This is a paid post and should not be treated as news/advice.
