The Dutch-based ING Group is making quiet moves on blockchain technology. This is a clear indication that it does not want to lag behind and allows innovation to reach and react. The Netherlands firm is only modifying its earlier plan splashed in November last year. Its modification is called as ‘zero-knowledge proofs.’ The company believes that this is a promising tool to be explored for financial institutions. That is because the industry is depending on shared ledgers that might sometime become a cause of worry.
Revealing Data to Rivals
For instance, there is a threat of enlightening too much of data to rivals. The technique provided a way to transfer the assets of a bank’s on these networks. This would come without comprising confidentiality of clients. However, ING has come out with a modified type. This is known as ‘zero-knowledge range proofs.’ The advantage is that it could offer that a number is well within a specified range devoid of disclosing the real number. This was cited as an improvement partly since it uses a smaller amount of computational power. As a result, it runs quicker on a blockchain platform.
For instance, zero-knowledge proofs range could be made available to establish that a particular person has a salary within a range required to get a mortgage. ING blockchain program’s global head, Mariana Gomez de la Villa, said that this would come without disclosing the actual figure of salary, Coindesk reported. She believes that it could also be used to defend a transaction’s denomination without any issues in the validation of enough money in the specific account for settling the transaction.
Currently, ING is engaged in building on its past work. As a result, it would add another wrinkle to venture blockchain privacy and influence a kind of proof that is called as ‘zero-knowledge set membership.’ The Netherlands bank indicated that it would take the concept of zero-knowledge beyond numbers. That would mean adding other data types. Set membership enables to showcase that a secret fits in well with a generic set. This could be based on any information kind such as locations, addresses, and names.
The company’s official thinks that there are wide-ranging potential applications of set membership. Therefore, it is not limited to any number belonging to an interval. That would mean it could be made use for validation of any data sort that is formed correctly. She believes that set member is more powerful compared to other range of proofs.
Gomez de la Villa said that with the availability of source code, ING is making a collaborative effort to improve its zero-knowledge range proof solution. She pointed out that a team is working on the theory or mutually beneficial relationship between enterprises and academic cryptographers. For its part, it would work in practice.
The Dutch firm will participate in a workshop that seeks to standardize zero-knowledge proofs. This would come along with the likes of Shafi Goldwasser of MIT. The company believes that it is now part of an extensive experts community that is looking at the zero-knowledge proofs extension.