Suterusu Provides Insurance DeFi Privacy-preserving Solutions

Suterusu provides a privacy-preserving payment functionality for the smart contract platform. Since most DeFi functionalities are built on smart contract platforms such as Ethereum, it is natural that Suterusu protocol can be directly applied to protect the payment privacy of these DeFi protocols. This is why Suterusu has great potential to become a universal plug-in protocol for privacy-preserving DeFi.

Moreover, our proposed ZK-ConSNARK scheme allows a prover to prove the correctness of a statement without revealing any additional information. For instance, one could prove one’s age belongs to a certain range without revealing exactly how old he is. A decentralized insurance protocol such as NXM or Cover usually involves various sensitive information. How to guarantee the accuracy of the input data without violating the privacy of the data owner remains a challenge. This is where our ZK-ConSNARK comes to the rescue. As a matter of fact, zero-knowledge proof has already attracted the attention of the traditional insurance industry. For instance, a white paper (https://www.ocft.com/pdf/05.pdf) published by Ping An Insurance mentioned 3D zero-knowledge proof, which aims to prove the consistency of homomorphic operations of encrypted data. They also claim this technique has already generated profit for Ping An. I believe the same logic should also apply to the decentralized insurance.

Suter and Decentralized insurance project can at least collaborate in the following regards:

1. Suter provides privacy protection for payments involved in the decentralized insurance projects, which not only guarantees the highest degree of security, i.e., a completely transparent setup, but also the optimal proof size and proof generation and verification time compared to other similar solutions. Suterusu protocol can guarantee the privacy of every transaction in a decentralized insurance project. For example, the Cover protocol involves exchanges of NFT tokens. The Suter private payment scheme can be directly applied to protect the transactional privacy of these tokens.
2. Privacy-protection of insurance information: In a decentralized insurance scheme such as NXM or Cover, the insured amount is usually proportional to the covered asset balance of the concerned DeFi project. The full disclosure of an insured amount can lead to the leakage of a user’s asset information, which might be of great concern to the users. The adoption of Suter’s solution can ensure the privacy of the insured asset and hence protect the user’s private information.
3. In the future, one could imagine a world where the decentralized insurance scheme such as NXM is deeply linked to the real world. For instance, one could use the NXM protocol for medical insurance. Since the user information involved in this case is extremely privacy-sensitive, how to find a balance between individual privacy and data verifiability remains a challenge. Suter’s ZK-ConSNARK could become extremely helpful in this regard. As a matter of fact, the above example of proving an age belongs to a certain range can be extended to any complex NP statement. As a consequence, Suter’s ZK-ConSNARK technology can be applied to construct a universal privacy-preserving oracle for decentralized insurance.