zCloak Network Successfully Completes “DID-based Anti-fraud Identity Verification Platform” POC Project, Setting New Benchmark for Web3 Innovation
Recently, with strong support from Hong Kong Cyberport, zCloak Network and Hang Seng Bank have successfully completed and passed the acceptance review of their “DID-based Anti-fraud Identity Verification Platform” Web3 Proof-of-Concept (POC) Grant Scheme project. During the acceptance demonstration, zCloak Network showcased this innovative achievement to representatives from over 20 SMEs. Victor, Fintech Leader at Hong Kong Cyberport, and Alex, Head of Business Banking at Hang Seng Bank, highly praised the project’s outcomes, affirming zCloak Network’s technological breakthroughs and social contributions in fintech and anti-fraud domains. Dr. Zhang Xiao, CEO of zCloak Network, delivered a video speech expressing gratitude to all attendees and outlining the team’s vision.
Shaping Trusted Digital Identity, Advancing Anti-fraud Technology Innovation
Initiated in April 2024, zCloak Network developed Valid One, a decentralized identity verification (DID) system, in response to the growing threats of cyber fraud and AI-generated “Deep Fakes”. Unlike traditional centralized identity systems, Valid One utilizes advanced cryptographic technology and decentralized network architecture to ensure the security and privacy of users’ identity information. The system has shown exceptional performance in anti-fraud applications, not only detecting criminal impersonation attempts in real-time but also proactively preventing potential fraudulent activities, providing enhanced security protection for both enterprises and individuals.
Valid One’s applications extend beyond anti-fraud measures. In daily business networking and communication, the system helps users verify each other’s authentic identities, building trust and reducing communication costs in collaboration. This functionality is particularly valuable in scenarios requiring rapid trust establishment, such as business cooperation, large conferences, and international business settings, injecting new momentum into modern business society’s trust mechanisms.
From Concept to Application: Anti-fraud Education and Public Experience
To further advance technology implementation and promotion, zCloak Network has deployed an anti-fraud educational system at Hang Seng Bank’s Tsim Sha Tsui Business Banking Centre. Through educational videos, the public can learn how to identify fraudulent attempts using decentralized root domains and DID technology. Additionally, zCloak Network has designed DID technology-based NFC cards in the exhibition area, allowing the public to experience the convenience and practicality of DID verification by touching the cards with their phones. This combination of education and interaction not only enhances public awareness of anti-fraud technology but also demonstrates the potential of Web3 technology in improving daily life.
Driving Real-world Scale Application of Web3 Technology
zCloak Network’s efforts represent not only an effective response to cybersecurity challenges but also a strong push for innovation in Hong Kong’s fintech sector. Through practical applications of DID technology, they have extended Web3’s potential from concept to reality, laying the foundation for building a trusted digital economy ecosystem in Hong Kong.
“Our goal is to solve real-world problems through Web3 technological innovation, especially in identity verification and trust establishment,” Dr. Zhang stated in his speech, “zCloak Network will continue to deepen its focus in the decentralized identity field, providing more secure and trusted identity verification services for global users, and promoting the scale application of Real World Identity.”
Looking ahead, zCloak Network will continue to collaborate with more industry partners to explore further applications of DID technology in finance, education, healthcare, and other fields, facilitating the adoption and development of Web3 technology and contributing to the construction of a more secure and trusted digital society.
