Blockchain is transforming industries with its decentralised, secure and transparent system, embracing nearly every facet of modern life. The Hong Kong Polytechnic University (PolyU) excels in blockchain research, driving the evolution of Web3 development and enhancing the security and efficiency of blockchain ecosystems.
Spearheaded by research of Prof. Allen Man Ho AU, Professor and Associate Head (Research and Development) of Department of Computing at PolyU and Prof. Daniel Xiapu LUO, Professor of Department of Computing and Director of The Research Centre for Blockchain Technology (RCBT) at PolyU, the university is at the forefront of shaping the future of blockchain and Web3 development with notable social and economic impacts.
Prof. Au said, “Looking back at the past 15 years, during which blockchain grew from its early association with cryptocurrency to global adoption across industries. We anticipate the next 15 years with great optimism.”
Prof. Luo said, “In addition to research efforts, PolyU is dedicated to nurturing blockchain talents through its Master of Science in Blockchain Technology programme, shaping future experts to propel the advancement of this transformative technology.”
As blockchain expands beyond cryptocurrency to encompass various industries and underpins key aspects of Web3, the requirements for security, privacy, interoperability, and efficiency have significantly increased. The initial blockchain systems, designed to secure decentralised currency transactions, now face the challenge of supporting much more complex and sensitive applications.
Enhancing security to align with current needs stands as another vital concern. Despite blockchain’s lauded security stemming from its decentralised nature, vulnerabilities persist, especially within smart contracts.
Turning ZKP into action
Prof. Au’s research team innovatively uses Zero-Knowledge Proofs (ZKP) to addresses privacy concerns and maintain data integrity in transactions. ZKPs, a key Privacy-Enhancing Technology (PET), allow for privacy-preserving transactions and ensure data integrity without disclosing any transaction details. This is essential for industries where confidentiality is critical. While ZKP has been around for some time, its practical application is now gaining momentum as researchers strive to solve real-world problems.
Prof. Au’s research aims to expedite ZKP generation and verification, reducing transaction times while maintaining privacy. Their approach accelerates digital signatures verification multiple times faster than existing methods, ensuring private transactions without compromising speed. These advancements make ZKP practical for widespread blockchain adoption.
Building a strong defense
Blockchain adoption has extended into various sectors, including healthcare and supply chain management. In the financial field, Central Bank Digital Currencies (CBDCs) now adopt blockchain-based solutions. Over 100 countries have actively developed their own CBCSs, leveraging blockchain technology or its associated innovations. In environmental, social and governance (ESG) reporting, the World Bank, has explored using blockchain platforms to support emissions reduction project reporting and carbon offsets trading.
Security is vital for safeguarding the Web3 and blockchain ecosystems. Prof. Luo’s research team innovate methodologies and practical tools to identify vulnerabilities in core blockchain ecosystem components, assist developers in resolving these security issues, and defend against various attacks.
The team has uncovered many severe vulnerabilities in blockchain infrastructures, third-party services, and smart contracts, many of which are previously unknown to developers. They also develop new methods to accelerate the detection of known vulnerabilities in blockchain ecosystems. Their findings are reported to developers, assisting in resolving the issues, all of which are acknowledged by the developers.
With a proactive defense approach, the team has developed innovative methods to analyse malicious programmes, such as smart contracts and apps, detect attacks on blockchain ecosystems, trace attackers, and safeguard victims. Their research has revealed many malicious activities within blockchain ecosystems.
