ING, the Dutch Financial Group, has announced the creation of a new financially favorable anonymous proof called Zero-knowledge range proof, or ZKRP. Security and confidentiality risks for financial institutions have excluded many from the Blockchain technology market
Anonymity is key
The new evidence is designed to maintain Anonymity while confirming the accuracy of a transaction. The flagship solution of ING, Mariana Gomez of Villa, claims:
"The ZKRP solution from ING has proved to be 10 times more efficient than ever before. others in the Ethereum test network while respecting the same three principles: completeness, solidity and zero-knowledge. "
The process of auditing transactions in traditional financial systems requires detailed information about counterparties. However, with proof systems without knowledge, no additional information is required beyond simple verification. This makes the transaction completely anonymous and yet confirmed, something critical for any traditional financial adoption.
The reality that large-scale financial institutions are starting to consider Blockchain technology for internal transfers has been clear for some time. With companies like Mastercard, American Express, Bank of America and the Nasdaq Stock Exchange that are starting to look for Blockchain solutions, the future of technology is considerable.