ING Bank Releases Zero-Knowledge Tech for Blockchain Privacy

ING Bank is looking further down the way of cutting-edge blockchain privacy with the arrival of its ZKSM (Zero-Knowledge Set Membership) solution, reported this week at the Sibos banking meeting.

The Netherland-based loan specialist has already received plaudits for adapting classical zero-knowledge proofs – a manner of proving ownership of a secret without disclosing the secret itself) into a more form for use within a bank known as zero-knowledge range proofs.

Zero knowledge range proofs can demonstrate that a number is within a particular range. For instance, a home loan candidate can prove that their salary sits within a specific range without disclosing the correct figure. As such range proofs are computationally lighter than consistent zero-knowledge proofs and run quicker on a blockchain.

Also, designed to scale on blockchain architecture, Zero-Knowledge Set Membership enables for alphanumeric data to be validated inside a predetermined set. Practically speaking, this implies moving beyond numbers into different kinds of information, like proving dimensions and geographic positioning.

For instance, in a KYC (Know-Your-Customer) check, a client can be approved to be a part of a group (says an EU citizen) without revealing the correct country which he or she lives in. In case the information set formed includes all the countries in European Union, and if case the private data provided in the country of residence of a customer, then the customer can prove that he or she is a citizen of EU.

As being open-sourced, the body of cryptographic works that ING is building on has been subjected to academic to peer survey by the likes of MIT’s Madars Virza, one of the co-founders of zcash.

Annerie Vreugdenhil, head of wholesale banking development at ING said introducing ZKSM in an open-source limit is the next step in the journey to determine how to manage information and privacy utilizing DLT (Distributed Ledger Technology).

Vreugdenhil says, “At ING, we are lucky to have some of the best personalities in the industry working on our programme.” And we are excited that our ground-breaking solution is now all set to be executed and tested.”

Source Link:- https://xnews.io/ing-bank-releases-zero-knowledge-tech-for-blockchain-privacy/