Dusk Network launches Citadel: Zero-Knowledge KYC solution

Research submitted and first use cases in development

AMSTERDAM, 25 JANUARY 2023 - Fintech scale-up Dusk Network presents Citadel, a zero-knowledge proof KYC solution where users and institutions are in control of sharing permissions and personal information. The framework can be used for all claim-based KYC requests and puts users in total control of what information they are sharing and with whom while being completely compliant and private at the same time. 

After months of research and submitting the official paper to arXiv, Citadel finally launches. It is one of the first decentralized Know Your Customer (KYC) solutions focusing on the financial ecosystem, that invites institutions to use the technology for cost-reducing compliance. As the user is in charge of his own data, it isn’t necessary to do KYC with service providers that have already been used prior. Or for example, multiple KYC processes for the trade of one asset. 

How does Citadel work

Dusk Network is the first to integrate zero-knowledge technology KYC in a Layer-1 (L1) blockchain. It is a key feature of Dusk Network itself to implement it in its privacy-preserving protocol. Using the Citadel framework, an entity that is able to handle private information - for example, the company Dusk who is compliant with all necessary regulations and is allowed to handle private information, or a company that is verified to do KYC on behalf of institutions - can provide a list of requirements for their KYC verification. The user who needs to provide the KYC verification is able to provide the necessary information, share how long their information can be stored and can withdraw access to their data. The company will authenticate the data, which will be privately stored in the Dusk blockchain. To simplify: it is using non-fungible token (NFT) technology, where instead of an art piece, a license is created.