Privacy-preserving analytics for the securitization market: a zero-knowledge distributed ledger technology application  

作　　者：Sophie Meralli 

机构地区：[1]Massachusetts Institute of Technology(MIT)Digital Currency Initiative,285 Third Street,Unit 715,02142 Cambridge,Massachusetts,USA

出　　处：《Financial Innovation》2020年第1期129-148,共20页金融创新（英文）

基　　金：We received funding solely from our institution to perform this research.

摘　　要：A zero-knowledge proof or protocol is a cryptographic technique for verifying private data without revealing it in its clear form.In this paper,we evaluate the potential for zero-knowledge distributed ledger technology to alleviate asymmetry of information in the asset-backed securitization market.To frame this inquiry,we conducted market data analyses,a review of prior literature,stakeholder interviews with investors,originators and security issuers and collaboration with blockchain engineers and researchers.We introduce a new system which could enable all market participants in the securitization lifecycle(e.g.investors,rating agencies,regulators and security issuers)to interact on a unique decentralized platform while maintaining the privacy of loan-level data,therefore providing the industry with timely analytics and performance data.Our platform is powered by zkLedger(Narula et al.2018),a zero-knowledge protocol developed by the MIT Media Lab and the first system that enables participants of a distributed ledger to run publicly verifiable analytics on masked data.

关 键 词：Structured finance SECURITIZATION Blockchain Zero-knowledge proofs Distributed ledger technology PRIVACY Data analytics 

分 类 号：TP3[自动化与计算机技术—计算机科学与技术]