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.
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.
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