Literature Review on the Application of Blockchain Technology Initiative

School of Computer and Information Sciences, University of the Cumberlands, Williamsburg, USA
* Corresponding author. Email: calozie18274@ucumberlands.edu(C.E.A.)
Manuscript received January 31, 2025; accepted March 30, 2025; published June 23, 2025.

Abstract—This literature review examines the use of blockchain technology, specifically Zcash, in the Banking, Financial Services, and Insurance (BFSI) sector. It examines the role of Zero-Knowledge Proofs (ZKPs) in enhancing privacy and identity verification processes. The study uses data from internet sources, whitepapers, and academic publications to analyze ZKPs' potential in addressing privacy concerns. It reveals vulnerabilities in existing deanonymization techniques and the need for further refinement of Zcash's privacy mechanisms. The review also discusses the balance between transparency and confidentiality in public blockchain systems, where transaction details are visible to all participants. This transparency poses risks to sensitive data, making privacy-preserving technologies like ZKPs critical. The study concludes that zero-knowledge cryptography offers a solution to privacy and confidentiality challenges in blockchain transactions, emphasizing the need for further research to enhance these techniques, especially in the BFSI sector, where privacy and security are paramount. By examining Zcash’s innovative use of ZKPs, the study contributes valuable insights into the broader implications of blockchain technology for privacy, identity verification, and secure digital transactions.

Keywords— Blockchain technology, Zcash, Zero-knowledge cryptogr

Cite: Chisom Elizabeth Alozie, "Literature Review on the Application of Blockchain Technology Initiative," International Journal of Blockchain Technologies and Applications vol. 3, no. 1, pp. 48-61, 2025.

Copyright © 2025 by the authors. This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0)