Dutch ING Bank has released a new blockchain solution to protect sensitive data under the name of Zero-Knowledge Set Membership (ZKSM). The representatives of the Bank announced at the conference Sibos in Sydney.
The Bank’s developers have adapted the proof with zero disclosure is a cryptographic Protocol that allows to establish trust among members of the network for financial business. If a standard Protocol can prove that one of the parties has information without revealing its contents, an adapted form of the Protocol allows to confirm that a significant number is in a specific range. It can be used, for example, when issuing a mortgage: the client was using Protocol is able to prove that his salary is within the permitted range, without mentioning the exact size.
ZKSM also allows you to confirm the alphanumeric data using a set of predefined values. This means that the solution handles not only the bare numbers, but also text data, such as geographic coordinates. These data present when the user is validated procedure “know your customer” (KYC), when you want to determine he lives in a certain area or not, without requesting information about the city.
Due to the fact that the Protocol used in ZKSM, is simpler than its standard version on the blockchain it runs fast enough. Open source solutions are already analyzed by experts from the Massachusetts Institute of technology (MIT) associated with bloccano.
As told Anneri Vreugdenhil (Annerie Vreugdenhil), head of the Department of banking innovations in ING, launch ZKSM is an important step in the study of the use of technology distributed registry to protect sensitive data.
“We are pleased that ING work on the program the best minds in the industry, and our innovative solution is already ready for testing,” added Vreugdenhil.
In September it became known that ING is one of the companies founders blockchain project komgo SA. Its goal is to digitize trade and commodity Finance with the blockchain. In addition to support ING komgo SA Citigroup, Societe General, ConsenSys and 12 financial companies.