ING Group, a Dutch multinational banking and financial services corporation, moved further ahead with the technology of advanced blockchain privacy and the solution to its Zero Knowledge Set Membership(ZKSM) was released as per the announcement made on the 22nd of October at the annual banking conference, Sibos
The ZKSM will help in the further development of Zero Knowledge Range Proof (ZKRP) of the bank. It improves the privacy issues through a Distributed Ledger Technology(DLT) environment which will further help in empowering the clients the bank possess.
The technology works on the principle that by proving that any given information provided by the client belong to a certain specific set or range which will be confirmed by the blockchain through the devised tool, the client will not have to reveal the specific data or its exact characteristics which will thereby maintain the privacy of the concerned client.
The numeric data can be validated through ZKRP with a given specific number range. This could be explained with the help of an example that if a client has to get loan approved and has to thereby provide the details of his salary then he can do so by proving that his salary lies in a given range and this removes the compulsion to reveal the exact information or figure.
To increase the capabilities the ZKRP, the ZKSM is equipped with tools which can confirm dimensions like geographic positioning which makes it more efficient both, in terms of cost and efficiency. For example in the Know Your Customer (KYC)Checks, a client can prove his/her citizenships as the data set contains all the countries within a group, continent, etc without revealing the exact country, or can prove to be the citizen of a particular group/continent by providing the information of the country he/she resides in.
ZKSM will soon be launched for open sourcing which therefore will help the developers operating externally to access the technology and evolve and improve its services.
Source: Coindesk.com, Forklog.net, Smartereum
