ING Bank Introduces Sensational Blockchain Privacy Solution
Blockchain privacy development is a huge concern at ING Bank. They have so far managed to implement a function called zero-knowledge-ranged-proofs, which is a newer version of the traditional zero-knowledge-proofs: an endeavour they have been praised for.
This also makes it easier for computers to process blockchains, which makes it much more convenient, efficient, and quick. It was revealed that the zero-knowledge-ranged-proofs method has now been advanced further, and the solution is called Zero-Knowledge Set Membership (ZKSM), as announced at the Sibos banking conference.
Overall, the new solution restricts information about customers, and by doing so, they can protect their data and privacy to a higher degree. For example, when a customer wants to apply for a loan, the bank may trace the range his/her salary is within, but without revealing any specific numbers. The same example can be applied on place of residence, it will display information about whether the customer lives within the European Union or not, but will not go into detail as of which country in particular.
Annerie Vreugdenhil, of ING, says that introducing ZKSM in an open-source milieu is a huge step in advancing the DLT system.