For a while now, ING Bank has been working on the blockchain path. The goal has always been to create advanced blockchain privacy and this goal has just become a reality with the release of the zero-knowledge set membership solution. The bank announced the release of this technology during a banking conference.
What Is The zero-knowledge Set Membership Solution?
The zero-knowledge proofs give the blockchain the power to prove possession of secret while protecting the secret itself. The ING has already received plaudits that can be used for adapting these zero-knowledge proofs into simple forms that can be used by the bank. These proofs typical prove numbers within defined ranges. To illustrate, someone who is applying for a mortgage can use it to prove that what he earns is within the range that would be enough for the mortgage without revealing what the exact figure is. This makes the range of proofs computationally lighter than other typical zero-knowledge proofs. In turn, they run faster on the blockchain.
The zero-knowledge set membership was designed to scale easily on the blockchain architecture. It allows the collection and validation of alphanumeric data within given sets. This means that it doesn’t just handle numbers. It checks other types of data like geographical positioning and proving dimensions.
For instance, it can be applied to the KYC (know your customer) verification that can be used to confirm the identity of a user as part of a group (e.g. a citizen of a country in Africa) without stating what specific country in Africa the person is from or lives in. The user will be able to prove that he is a citizen of a country in Africa as long as the data set includes all the countries within Africa and the private information identifies that the individual as a citizen of one of the countries in Africa.
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ING’s head of wholesale banking, Vreugdenhil, said that the ZKSM is an open-source system that takes the world closer to dealing with privacy and data in the best way possible using decentralized technology. In his words:
“We at ING, are happy that we have some of the best minds in the industry working closely with this program. We are excited to offer a groundbreaking solution that can now be implemented”.