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.

中文翻译：

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证券化市场的隐私保护分析：零知识分布式账本技术应用

零知识证明或协议是一种加密技术，用于验证私有数据，而无需以清晰的形式显示它。在本文中，我们评估了零知识分布式账本技术在缓解资产支持证券化市场中信息不对称方面的潜力。为了构建本次调查，我们进行了市场数据分析、对先前文献的回顾、对投资者、发起人和证券发行人的利益相关者访谈以及与区块链工程师和研究人员的合作。我们引入了一个新系统，可以使证券化生命周期中的所有市场参与者（例如投资者、评级机构、监管机构和证券发行人）在一个独特的去中心化平台上进行交互，同时保持贷款级别数据的隐私，从而为行业提供及时的分析和绩效数据。我们的平台由 zkLedger (Narula et al. 2018) 提供支持，这是一种由麻省理工学院媒体实验室开发的零知识协议，也是第一个使分布式账本的参与者能够对屏蔽数据运行公开可验证分析的系统。