Next Phase of Web3 to Rely on Zero-Knowledge Techn

Next Phase of Web3 to Rely on Zero-Knowledge Technologies

Since 2023, the zero-knowledge industry has grown, with ongoing developments bringing us closer to accessing the full benefits of decentralized virtual platforms. This comes at a time when decentralized finance platforms have demonstrated vulnerabilities to data breaches and technical inefficiencies have constrained the development of decentralized systems.

It is expected that continued growth will see a proliferation and diversification of use cases, such as advancements in compliance, privacy and data protection. By affording blockchain developers more efficient and secure tools, we will start to realize the benefits of zero-knowledge technology, particularly in 2024 as the tech is applied in more industries.

Zero-knowledge technologies allows integration into platforms and legacy systems, helping to enhance user empowerment significantly by enabling decentralized crypto values to take root. The tech achieves this through ensuring that privacy is preserved and providing a firm grip on data control, which in turn facilitates a more secure and liberated usage experience.

Zero-knowledge technology is also ideal for decreasing congestion on decentralized networks, which affords users more data protection. This has greatly influenced ethereum’s ecosystem, where the growing need for blockspace has resulted to the development of network congestion and high fees, which makes it harder for the tech to be adopted at a massive scale.

It is expected that the use of this tech for compliance and data protection in projects will increase, thereby laying the foundation for huge modifications in Web2 as well as Web3.

Zero-knowledge proofs will also decrease vulnerabilities caused by data storage, especially as data breaches become costlier. It is estimated that in 2023, about $4.4 million per incident was lost to data breaches. By enabling secure disclosure of sensitive data and enabling users to keep personal data off-chain, this tech will help reduce and even prevent the impact of exploits and hacks.

This year, blockchain actors can expect the launch of various zero-knowledge-linked privacy tools (i.e., zero-knowledge login tools that will help streamline decentralized finance platforms’ accessibility, etc.). This technology can potentially address data-management issues in various sectors, making it a tool for the widespread adoption of blockchain technology.

Zero-knowledge proofs support the evolution of blockchain, providing parts that will enable important functions such as compliance, privacy, scaling and interoperability.

Adaptability ensures survival of anything, even technology. Zero-knowledge proofs have shown that they can be adapted to address various issues, which is crucial in a constantly changing macroeconomic environment and industry landscape. Entities such as NextPlat Corp. (NASDAQ: NXPL) (NASDAQ: NXPLW) will likely adopt many of the iterations of Web3 use cases in their operations to gain an edge over the competition.

NOTE TO INVESTORS: The latest news and updates relating to NextPlat Corp. (NASDAQ: NXPL, NXPLW) are available in the company’s newsroom at https://ibn.fm/NXPL

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