ZKP Enabled Identity and Reputation Verification in P2P Marketplaces

Research output: Contribution to conferencePaperpeer-review

Abstract

In the realm of Distributed Ledger Technology, privacy and regulatory challenges loom large for marketplaces. Regulation requires to conduct Know Your Customer (KYC) procedures to verify the identity of participants, while privacy concerns necessitate the protection of personal data. Current approaches to KYC are inefficient and are potentially even harmful to privacy due to centralization and data exposure.
This paper proposes a zero-knowledge proof enabled KYC scheme, utilizing Soulbound Tokens (SBT) to create a discreet, compliant, and secure KYC process. We present a privacy-preserving mechanism that shares only essential information while adhering to Self-Sovereign Identity (SSI) principles, placing users in the full control of their data. The proposed scheme further introduces the usage of SBTs for reputation to incentivize good conduct and build trust within marketplaces.
Original languageEnglish
Publication statusAccepted/In press - Jun 2024
EventThe 3rd International Symposium on Security and Privacy in Blockchain - Copenhagen, Denmark
Duration: 19 Aug 202422 Aug 2024

Workshop

WorkshopThe 3rd International Symposium on Security and Privacy in Blockchain
Abbreviated titleIEEE SPB
Country/TerritoryDenmark
CityCopenhagen
Period19/08/2422/08/24

Keywords

  • reputation
  • marketplace
  • blockchain
  • zero-knowledge proof
  • privacy
  • DLT

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