ING Bank’s blockchain breakthrough enhances privacy
ING Bank announced a blockchain remedy to improve data privacy in financial services and it is open source.
The bank’s proclaimed blockchain breakthrough improves data privacy for clients through its zero-knowledge set membership (ZKSM) solution. It is a follow-up to ING’s zero-knowledge range proof (ZKRP) solution announced last year, which helps to overcome a primary barrier to financial service companies wanting to use blockchain: protecting data privacy.
Annerie Vreugdenhil, head of Wholesale Banking Innovation at ING in announcing the solution said: “Our overall goal with distributed ledger technology and specifically blockchain is to create solutions that empower our clients to transform their business models. One of the key elements in this process for clients is how to deal with data and privacy.”
The new technology has the ability to shroud contextual details while sharing vital information such as names or locations. Banks, for example, could validate where a client lives regionally without disclosing the precise country.
The ZKSM solution is open-source allowing external developers to experiment with and improve distributed ledger technology privacy standards.