ING Enters The Blockchain Technology
Banking giant ING has reportedly ventured into the Blockchain cryptography. The bank has proven that it is not just the start-ups that hold the edge over blockchain mechanism. A decentralised database firm known as R3CEV is reported to be working with ING as a part of their venture into cryptography. This partnership’s main motive is its privacy and secrecy of their operations, particularly the capital markets on a regular basis. Blockchain has been known for its privacy and ING wants to use it as a strong alternative to fulfil its purpose.
There are numerous complex transitions for the Netherlands based bank to settle everyday. Thus, ING has decided to take help of the Blockchain mechanism to settle the complex transitions. Already, the Dutch Bank major has created a zero-knowledge proof version which allows all financial firms to employ a tighter security level especially when it comes to client data. The manipulation of data is prevented in Blockchain mechanism as it has a high level of security thereby promising a safe and secure network.
As an example, zero-knowledge range proofs signify that an individual has the necessary amount of salary scale so as to pay for a mortgage without actually revealing the exact figure. This can be used to protect the actual denomination of a transaction, but still allowing the transaction to take place by verifying that the amount is available in the debit account.
In an interview with CoinDesk.com the Global Head of ING’s Blockchain program, Mariana Gomez de la Villa has stated that ING is planning to expand the Blockchain mechanism beyond numbers and inject all other types of data possible, along with the introduction of Zero-Knowledge Set Membership. This Set Membership is way more powerful than range proofs. To explain the difference, stated that Zero-Knowledge Set