ING, a multinational financial services corporation from the Netherlands recently announced the launch of its Zero-Knowledge Set Membership (ZKSM) solution. The Amsterdam-based bank made the announcement at the Sibos banking conference. The solution is a part of the Zero-Knowledge Range Proof development that provides clients with the power to improve privacy in the blockchain ecosystem.
Zero-Knowledge Set Membership (ZKSM) furthers capabilities of ZKRP
One of the major highlights of ZKRP is that it demonstrates the trust for any specific statement without the need to reveal all information beyond what a person is trying to establish. For example, it is possible to find out the range of a particular person’s salary without the exact figure. The solution proves that a particular figure is within the limit even without revealing the exact amount.
According to ING, Zero-Knowledge Set Membership (ZKSM) will take the capabilities of ZKRP further by allowing validation of alphanumeric data. The system frames the data within a specified set and opens up a wide range of new applications useful for protecting data privacy on the blockchain-based platform.
In its statement, ING said,”ZKSM can prove dimensions such as geographic positioning making it faster and more cost-efficient. As an example, in a Know Your Customer (KYC) check, a user can be validated to be part of a group – an EU citizen – without disclosing the exact country that he/she lives in. If the data set formed includes all countries in the European Union and if the private information given is the country of residence of a user, the user can prove that he/she is an EU citizen.”
The head of Wholesale Banking Innovation at ING, Annerie Vreugdenhil said that the primary aim of the bank is to create solutions using blockchain technology so that its clients can transform their business models.
What makes Zero-Knowledge Proofs so useful?
ING bank used the simplified version of zero-knowledge proofs even before the launch of Zero-Knowledge Set Membership (ZKSM) as it allows users to prove specific information in their possession without having to reveal exact details. It also does not require any interaction between the verifier and the prover.
Zero-knowledge proofs are highly useful as they can verify the accuracy of certain important data without the need to disclose the actual number.
