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ING to use the Blockchain for more privacy

ING has announced a new kind of zero-knowledge proof at the Sibos banking conference. The new algorithm has some pretty interesting applications.

ING has given some examples:

“ZKSM can be used to construct ring signatures, which allows someone to digitally sign a message in behalf of a group of users. Afterwards, anyone can verify the signature indeed was generated by a member of the group. This  is interesting for example to allow a member of a directing board to anonymously sign a contract.”

Another, a more straightforward example has been documented:

“An interesting use case is the so-called anonymous  credentials, where a trusted party can attest that a user credential contains attributes whose values are correct, namely the country of residence of a person being validated by government, allowing the user to later prove that she lives in a country that belongs to the European Union, without revealing which country.”

According to an ING document, zero-knowledge proofs are “a cryptographic method that allows a party (the prover) to prove to another party (the verifier) that a given statement is true” but “without conveying any additional information.”

The code is open-source, so we might see it being integrated into the already existent blockchains in the future. The project has been peer-reviewed by Madars Virza, co-founder of Zcash.

Annerie Vreugdenhil, head of wholesale banking innovation at ING said: “We are excited that our groundbreaking solution is now ready to be implemented and tested.”

Not the first zero-knowledge proof by ING

The bank has also released zero-knowledge range proofs which are a less computationally-intensive kind of zk-proof which can prove a number is within a specific range. The bank has also published a whitepaper about the application of the technology to Ethereum.

Adrian Zmudzinski
Adrian Zmudzinski
Adrian is passionate about technology and Information Technology (IT). Adrian specialized in the analysis of tokens, the blockchain technology, and cryptocurrencies. His interest in Bitcoin dates back to 2009 and it rapidly transformed into a more general interest of the still arising cryptocurrency industry. His analyses are concerned mostly by the technological potential underlying the analyzed token.