Blockchain: ING claims to Have Cleared The Privacy Hurdle

ING claims to have cleared a major hurdle in the use of blockchain technology in financial services: protecting data privacy, Finextra reports.

In particular, ING’s blockchain team are seeking to address this with their ‘zero-knowledge range proof’ (ZKRP) code. The code adds a layer of cryptography to blockchain technology, demonstrating the truth of a specific statement without revealing any additional information beyond what it’s trying to prove.

ING Blockchain

Mariana Gomez de la Villa, global head of ING’s blockchain programme said:

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 requirement.

Find out more here.

 

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