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Privacy-Preserving Payment Gateways using Zero-Knowledge Proofs and Permissioned Distributed Ledgers

Author(s) Vineet Kumar
Country United States
Abstract A paradox of compliance and privacy exists among an increasing number of users of Decentralized Finance (DeFi). While the Financial Action Task Force (FATF) has established Travel Rules to improve transparency for financial institutions to prevent money laundering, data protection regulations like GDPR require financial institutions to maintain secrecy about customer information. The existing DeFi architecture currently solves this problem via two approaches; it either sacrifices user anonymity in order to meet the regulatory standards set forth by government entities, or creates non-transparent environments that do not hold users accountable for their actions. This paper introduces a novel DLT architecture that balances the user’s requirement for anonymity with the regulatory requirements of the financial services sector through the application of Zero-Knowledge Proofs in combination with a Permissioned DLT. By utilizing a cryptographic pipeline that allows for shielded transactions, yet provides evidence that the transaction was valid and met all relevant regulatory requirements, the architecture enables compliance with regulatory standards and maintains anonymity. Furthermore, this architecture includes protocols for selective disclosure that will enable authorized third-party auditors to audit a user’s regulatory compliance automatically without exposing PII. Experimental results demonstrate that this architecture can be deployed and tested using Hyperledger Fabric and will support both consistent performance and scalability. Specifically, experimental results demonstrate that this architecture can operate commercially at a throughput rate of 1,200 TPS, which represents less than a 35 percent increase in the consumption of computing resources compared to the corresponding rates of fully transparent architectures. Finally, the security analysis proves mathematically that this architecture fulfills the compliance requirements for preventing fraudulent activities and prevents unauthorized de-anonymization of users.
Field Engineering
Published In Volume 5, Issue 2, February 2024
Published On 2024-02-03
DOI https://doi.org/10.70528/IJLRP.v5.i2.2257
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