ING Bank Launches New Solution For Blockchain Privacybr>
ING Group, a Dutch multinational banking and financial services, has released its Zero-Knowledge Set Membership (ZKSM) solution.
ZKSM marks the further development of ING’s Zero-Knowledge Range Proof (ZKRP), which empowers clients by improving privacy in a blockchain environment. ZKRP demonstrates the truth of a specific statement without revealing any additional information beyond what it’s trying to prove. For example, a mortgage applicant could prove that their salary sits within a certain range, without revealing the exact figure. The solution could also prove that a payment amount is within a limit, without showing the exact amount.
The bank said ZKSM furthers ZKRP’s capability by allowing alphanumeric data to be validated within a specified set, which opens up a whole new range of applications that can protect data privacy on the blockchain.
“ZKSM can prove dimensions such as geographic positioning making it faster and more cost-efficient,” ING said. “As an example, in a Know Your Customer (KYC) check, a user can be validated to be part of a group – an EU citizen – without disclosing the exact country that he/she lives in. If the data set formed includes all countries in the European Union and if the private information given is the country of residence of a user, the user can prove that he/she is an EU citizen.”
Annerie Vreugdenhil, Head of Wholesale Banking Innovation at ING, said that the bank’s overall goal with blockchain technology is to create solutions that empower their clients to transform their business models.
“One of the key elements in this process for clients is how to deal with data and privacy,” Vreugdenhil said. “ZKSM is the next step in this journey.”
Vreugdenhil added ZKSM is being launched as an open source and is now ready to be implemented and tested.