ING bank launches zero-knowledge blockchain technology
The ING Bank, has been working on the implementation of Blockchain technology for a while now. This week, the bank has announced the release of its zero-knowledge set membership (ZKSM). The Dutch bank is considered as a progressive player in the Blockchain world. ING gets a lot of praise about the steps which they take with the new technology.
The bank received particularly high praise for the adjusting of the zero-knowledge proofs (a technique that ensures that banks can transfer assets without losing any confidential information about the customer). ING, has simplified this form to a zero-knowledge range proofs. In fact, this technique does only give an approval without exposing the exact dates. This can for example be used to determine whether a customer, with a certain salary, can be approved for a mortgage without revealing the exact salary amount.
Now the ING has also announced the release of its zero-knowledge set membership (ZKSM). To explain in depth the story is quite technical, but we will try to explain as briefly as possible. The ZKSM technique makes it possible to validate numeric data within a certain group. With a zero-knowledge set membership you can prove that you come from a country within the EU without having to reveal exactly which country that is.
Annerie Vreugdenhil, Director of innovation at ING, says that the launch of ZKSM as open-source software is the next step in the journey to figure out how to deal with information and privacy of customers using distributed ledger technology (DLT).
“At ING, we are fortunate to have some of the best minds in the industry working on our programme,” said Annerie. “We are excited that our ground-breaking solution is now ready to be implemented and tested.”