ING Bank releases new solution to improve blockchain data privacy

ING Bank has released its Zero-Knowledge Set Membership (ZKSM) solution, marking the further development of its Zero-Knowledge Range Proof (ZKRP).

Launched last year as an open source solution, ZKRP improves privacy in a Distributed Ledger Technology (DLT) environment by adding a layer of cryptography. It enables numeric data to be validated with a specific number range. For example, a mortgage applicant could prove that their salary is within a certain range without revealing the exact figure.

However, as data is not just limited to numbers, the ZKSM furthers ZKRP’s capability to include alphanumeric data, like locations and names, within a specified set. It will allow information to be shared without revealing contextual details.

For instance, 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.

“Our overall goal with distributed ledger technology and specifically blockchain is to create solutions that empower our clients to transform their business models,” said Annerie Vreugdenhil, head of Wholesale Banking Innovation at ING.

“One of the key elements in this process for clients is how to deal with data and privacy. The release of ZKSM is the next step in this journey.”

Vreugdenhil said that the solution is ready to be implemented and tested. According to the official release, the ZKSM solution is also open source, meaning external developers can experiment with and improve DLT privacy standards.