ING Bank To Apply Blockchain-Based Solution For Secure Data Storage
ING Bank, the Netherlands-based financial institution, decided to improve a zero-knowledge protocol and launch a blockchain solution on its basis that will be applicable in the banking sector, CoinDesk reports.
On October 22, the new solution was called Zero-Knowledge Set Membership (ZKSM) at Sibos 2018 Sydney banking conference. The bank protocol allows to prove that a certain number is within a certain limit. For example, an applicant for a mortgage loan can prove that their salary meets the requirements of a financial institution without disclosing the exact amount.
With the ZKSM solution, customers can verify alphanumeric data within a certain specified set. In fact, this means that it is possible to go beyond the limits of checking only numerical data. While applying KYC requirements, a client can be verified as part of a specific group, for example, as a citizen of the European Union, without specifying the exact name of the country.
The ING Bank solution was developed using an open source code and was tested by the academic researchers, including Madars Virza, a representative of the Massachusetts Institute of Technology (MIT) and one of the founders of the Zcash crypto platform.
The launch of open source ZKSM can be considered as another step towards the protection of personal banking information using distributed ledger technology, Annerie Vreugdenhil, a spokesperson at ING Bank, stated.
As previously reported, the Asian Development Bank set sights on the blockchain-based system of public procurement.