ING Bank recently launched the Zero-Knowledge Set Membership (ZKSM) new technology solution at the Sibos banking conference. With this solution, the company wants to move further the path of advanced blockchain privacy.
The company earned high appreciation for adapting classical zero-knowledge proofs in a simpler way and using it within the bank. Zero-Knowledge proofs prove possession of a secret without giving out the secret. It is possible to prove a number that comes within a specific range with the help of Zero-knowledge range proofs. Likewise, a mortgage applicant can prove that his salary lies within the range of a particular parameter without actually specifying the exact figure.
The zero-knowledge range proofs are much lighter computationally than regular zero-knowledge proofs. Importantly, these range proofs run much faster on the blockchain platform and are specifically designed to run on the blockchain architecture. With the help of zero-knowledge set membership (ZKSM), it is possible to validate alphanumeric data within a particular set.
It means zero-knowledge range proofs new technology lets you go beyond the numbers into other data types such as geographic positioning and proving dimensions. For example, it is possible to validate that a person belongs to a particular group through KYC check without specifically naming his native place or which country does he belongs to. The technology which ING is using is open-sourced and has been reviewed by academicians to peers including Madars Virza, the co-founders of Zcash, Coindesk reported.
The wholesale banking innovation head at ING, Annerie Vreugdenhil said that its decision to launch ZKSM in an open-source capacity is a further step in the company’s journey to find out how it should deal with the privacy and data with the help of distributed ledger technology (DLT). He further added, “At ING, we are fortunate to have some of the best minds in the industry working on our programme. And we are excited that our ground-breaking solution is now ready to be implemented and tested.”
According to Cryptodigest, with the help of ZKSM new technology, ING will be able to fulfill twin purposes of profiling the data and also proving the geographical positioning and dimensions of the user profiles.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]