Dutch Bank ING announced a “new blockchain-a breakthrough in data security for clients” technology proof of belonging to the many zero-knowledge (Zero-Knowledge Set Membership, ZKSM), which appeared in the Bank after proof technology range zero-knowledge (Zero-Knowledge Range Proof, ZKRP).
As explained in the Bank, ZKRP allows to verify the data in a certain range: for example, by submitting an application for a mortgage loan, the customer can not provide the exact amount of your income, and confirm that it meets certain limits. ZKSM goes on – and operates with other types of information, such as names and locations. So, the banks can confirm that the new client lives in the EU, without specifying a particular country. That is, the technology allows to share information without divulging the details in context.
“Our goal in working with the technology of distributed registry and specifically with bloccano is to create solutions that give our customers the opportunity to transform their business models. One of the key elements of this process for clients of the topic of data and respect of privacy. And the output ZKSM is another step in this direction”, – said the head of innovation in interbank transactions Anneri Vreugdenhil (Annerie Vreugdenhil).
The decision ZKSM designed with open code that allows third parties to further develop and present their achievements in improving safety standards by using DLT. Meanwhile, ING Bank intended to proceed to implement and test the solution in its current form.
We will remind that in may of this year, ING Bank and the British financial conglomerate HSBC, the world’s first conducted using blockchain technology shopping financial transaction, processed on the blockchain the platform R3 Corda a letter of credit by the American food company Cargill supply contract of soybeans from Argentina to Malaysia.