Dutch multinational banking corporation ING has unveiled a new solution for data privacy protection to be used in blockchain technologies, something that will look to revolutionise blockchain within the banking sector.
“Until recently, one of the primary challenges for applying blockchain in the banking sector was ensuring that data privacy was protected and at the same time meeting regulatory reporting requirements,” explained Mariana Gomez de la Villa, the Global Head of ING’s blockchain programme.
“While existing zero-knowledge technology has provided us with a way of overcoming that, the main limiting factor is the resource, and therefore cost, that each verification would generate,” Mariana continued.
In order to resolve this problem, the new technology, known as “zero-knowledge range proof” (ZKRP), uses a code that adds a layer of cryptographer to blockchain.
Further, ING claims that ZKRP is 10 times more efficient that existing technologies that have been designed to keep information on a public ledger private.
“ING’s ZKRP solution has been proven to be 10 times more efficient than others in the Ethereum test network, while upholding the same three principles: completeness, soundness and zero-knowledge,” said Mariana.
ZKRP has been launched as an open source solution, enabling other parties within the community of blockchain development to download, access and contribute to the solution.