ING purchases Zero-knowledge tech for blockchain privacy

Monday 22 October 2018 13:01 CET | News

ING Bank has released its Zero-knowledge set membership (ZKSM) solution, designed to deal with data and privacy using distributed ledger technology.

ZKSM is launched prior to adapting the classical zero-knowledge proofs – a way of proving possession of a secret without revealing the secret itself. Zero knowledge range proofs can prove a number is within a specific range. For instance, a mortgage applicant could prove that their salary sits within a certain range without revealing the exact figure.

Zero-knowledge set membership (ZKSM) allows for alphanumeric data to be validated within a specified set. In practice, this means moving beyond numbers into other types of data, such as proving dimensions and geographic positioning.

In a know-your-customer (KYC) check, a user can be confirmed to be part of a group without disclosing the exact country that he/she lives in. If the data set formed includes all countries in the European Union, and if the private information given is the country of residence of a user, the user can prove that he/she is an EU citizen.

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Keywords: blockchain, ING, privacy data, KYC, distributed ledger technology
Countries: World

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