ING Bank researches zero-knowledge proofs

Tuesday 16 April 2019 00:29 CET | News

Netherlands-based ING Bank has researched real-life uses for Bulletproofs, a version of blockchain that shares information using zero-knowledge proofs.

Bulletproofs has been developed by Stanford University and University College London cryptographers, alongside startup Blocksteam. The bank suggests that the technology could be useful when dealing with privacy concerns, such as helping institutions like banks to obey the European Union’s General Data Protection Regulation (GDPR), and protecting sensitive client data.

ING has developed variants of zero-knowledge proofs, such as range proofs and ‘zero-knowledge set membership’. In range proofs, the amount is hidden within a range, whereas ‘zero-knowledge set membership’ provides a way to validate alphanumeric data within a specified set. Moreover, zero-knowledge proofs (ZKP) is also tested in trade finance.

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Keywords: ING Bank, zero knowledge proofs, Bulletproofs, blockchain, Netherlands, banks, accounts, data, cryptographers, GDPR, regulations
Countries: World