zCloak digital identity technology implemented in the financial technology innovation projects of two central banks
The release of this DESFT project is a significant breakthrough in the practical application of zCloak digital identity technology.At the Singapore FinTech Festival in November 2023, the Monetary Authority of Singapore and the Bank of Ghana jointly announced the blockchain-based inclusive fintech solution Project DESFT.
According to Dr. Maxwell Opoku-Afari, the First Deputy Governor of the Bank of Ghana, Project DESFT is jointly supported by the Monetary Authority of Singapore and the Bank of Ghana, designed and incubated by the Chinese blockchain technology teams Solv and zCloak Network. It uses W3C DID technology to empower businesses with digital identities and transforms various documents and certificates in cross-border trade into W3C standard VC trusted digital credentials, which are then tokenized on-chain using the ERC-3525 standard. The aim is to help small and medium-sized enterprises in developing regions participate in international trade, accumulate goodwill and credit in cross-border digital economic activities, and obtain fair, accurate, and affordable financial services. At the same time, this technology effectively protects the data privacy of small and medium-sized enterprises, allowing them to better control their data assets and participate more proactively in cross-border financial activities. The first phase of the project has already been successfully completed.
zCloak Network is a privacy-first decentralized digital identity and trusted digital credential infrastructure, with products including the privacy identity data card platform zkID (zkid.app), the institutional trusted identity public key infrastructure Valid ID (valid3.id), the full-chain KYC compliance tool Legit ID (legit3.id), and the digital identity wallet zkID wallet, which performs zero-knowledge proof computations locally on the user's device based on zk-STARK VM technology. For many years, the zCloak team has been dedicated to promoting and applying Web3 digital identity technology in various real-world scenarios. The launch of the DESFT project marks a significant breakthrough in the application of zCloak's digital identity technology, making zCloak one of the very few teams globally to successfully participate in financial technology innovation projects with multiple central banks.
