ING announces ‘major blockchain breakthrough’
Written by Chris Lemmon
ING says it has created a new blockchain code that is reportedly 10 times more efficient than existing technologies that are designed to keep information on a ledger private.
The new code, known as ‘zero-knowledge range proof’ (ZKRP) adds a layer of cryptography to blockchain technology. This solves the previous issue that information on a public ledger is not private, given that changes must be verified by each participant in the network.
The ZKRP solution demonstrates the truth of a specific statement without revealing any additional information beyond what it’s trying to prove. For example, a mortgage applicant could prove that their salary sits within a certain range, without revealing the exact figure. Similarly, the ZKRP could prove that a payment amount is within a set limit, without showing the exact amount.
Mariana Gomez de la Villa, global head of ING’s blockchain programme, commented: “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.
“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.”