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TORONTO, ON / ACCESSWIRE / November 23, 2020 / The Zoracles development team has leveraged their innovative zero-knowledge range proofs to create a Zk-Snark for credit checks. Previously, the team released code for the derivatives market. That same function can be applied to creating on- chain credit checks by configuring Zoracles Protocol to retrieve an individual’s credit score from the main reporting agencies.
Most blockchains present a challenge when it comes to protecting user privacy. Since all transactions are published on the ledger for anyone to read, there needs to be creative and innovative techniques such as zero-knowledge proofs to facilitate confidential transactions. Zoracles protocol enables confidential data to smart contracts with Zk-Snark technology and is extending that functionality to credit checks.
The implications of transmitting private credit scores on-chain should resonate with enterprises such as Credit Karma who have built a $7.1B business on providing credit scores and reports to consumers. Enterprises have struggled with adopting wider blockchain technologies due to the lack of privacy for their transactions. Zoracles Protocol plans to work with enterprises to ease the transition to blockchain with “Snarks as a Service.”
The process to begin a Snark development request begins with acquiring a small governing position within the Zoracles Protocol. Enterprises will need a stake to procure the Zoracles development team to make an assessment of the functional requirements of the requester’s business process. A scope of work is then created to map a custom Zk-Snark that will satisfy the business requirement for anonymity of blockchain data.
In the future, an enterprise will be able to acquire Zora that will be time-locked based on the Snark complexity. This ensures alignment between Zoracles governance and the “Snarks as a Service” client. Strategic partnerships of this variety will be instrumental in developing a portfolio of unique confidential DeFi use cases that can be utilized by various dApp protocols and enterprises.
Consumers will also benefit from confidential credit checks. Zoracles protocol roadmap includes developing a front-end tool to enable free credit checks without compromising one’s credit history on the blockchain. The consumer will have the option of receiving their exact score or an assessment of “excellent, good, fair or bad credit.”
The main suppliers of credit reports including Experian, Equifax and Trans Union may express interest in Zoracles Protocol “Snarks as a Service” as the trend to blockchain for enterprises expands with privacy technologies. According to MarketWatch, the global market for credit reporting is $15.17B in 2020 and will grow to $18.82B by 2026. This presents a sizeable opportunity for the Zoracles Protocol to provide innovation with cryptographic proofs that hide sensitive financial data.
Zoracles development team has open sourced their credit checking Zk-Snark solution which is very common in the blockchain space. This is one of the first real- world applications of their technology and may have widespread adoption if the trend from centralized finance to open financial networks continues to evolve.
The team is working with its second strategic partner to bring this Zk-Snark Credit Feature to Ethereum Mainnet by Q1 2021.
Zoracles partners with DeFi projects using zero-knowledge proofs to provide confidential data to smart contracts. Their end-to-end solution entails VRFs to provide additional security measures for their “Snarks as a Service.” Learn more by visiting Zoracles website https://zoracles.com .
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