Banking credit qualification based on blockchain and zero-knowledge proofs
Qingshui Xue, YiXun He · 2024
In the context of the new era, the financing needs of enterprises grow significantly with the continuous expansion of their scale. However, in the financing process, small and micro enterprises often encounter challenges such as insufficient credit ratings, lack of working capital, difficulty in accessing information, and lack of guarantee mechanisms, while medium and large enterprises are more concerned about the security of confidential data. To address these challenges, this paper innovatively proposes a credit model based on zero-knowledge proof, ZKPrivateLoan, which combines blockchain technology with distributed zk-SNARK technology to not only efficiently generate proof of credentials of confidential data to ensure the security of data privacy, but also enhance the trust of commercial banks in the credit credentials of micro- and small enterprises. In addition, this paper also realizes the batch verification mechanism based on the ZKPrivateLoan model, which effectively reduces the verification time and blockchain uploading cost and provides a more efficient and secure solution for enterprise financing.