India has become the third country in the world after the US and Israel to develop its own zero-knowledge blockchain (ZKP) technology. Experts in the field of blockchain technologies from the IT company Posidex Technologies believe that the development of this area can be important for state-owned companies and businesses in India, given the many local restrictions and confidentiality rules when exchanging and storing critical information.
“The legislation of many countries around the world significantly limits or completely prohibits the cross-border exchange of sensitive information. For example, Europe has the General Data Protection Regulation (GDPR). With ZKP technology, Indian users no longer need to transfer sensitive data to another region. But they can be easily processed at the host level using the ZKP algorithm without sharing and transferring to another party,” explained Posidex Technologies.
Earlier, the auditing company Ernst&Young Global announced the launch of a zero-knowledge solution (ZKP) EY OpsChain Contract Manager (OCM) for business transactions.
Source: Bits
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