Mastercard Inc. (NYSE:MA) helped prominent Ethereum (CRYPTO: ETH) developer Consensys launch a new privacy-preserving solution for the Ethereum blockchain.
What Happened: ConsenSys launched the enterprise software ConsSys Rollups, which uses cryptography algorithm zero-knowledge proofs (ZK-proofs) to preserve data secrecy thanks to help by Mastercards' engineering team, according to a Thursday Cointelegraph report.
ZK-proofs are advanced cryptographic algorithms that allow to verify whether a certain assumption about a given piece of data is true without disclosing the data itself. Think of it as algorithms that would allow — for instance — a given piece of software to check whether you are over 18 without gaining access to your age.
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ConsenSys Rollups could be for instance used to support privacy-enabled central bank digital currencies, decentralized exchanges, micropayments and taxes thank to its scalability and privacy features.
Raj Dhamodharan, Executive Vice President of Digital Assets and Blockchain Products and Partnerships at Mastercard, said that "we're in the early stages, but are starting to see efficiencies in how permissions and private chain product constructs use open-source technologies." He also promised:
"Our work with partners like ConsenSys will continue to advance this space."
