{[{item.pair.split("_")[0]}]} ${[{item.price.toFixed(4)}]}

{[{item.change24}]}%

{[{item.change24}]}%

ING Direct Bank Is Quietly Becoming A Serious Blockchain Innovator

news_img

May 2, 2018 | 

Joanna Newman |  0 Comments| 

1615 Views

Share:

Get Into Cryptocurrency Trading Today

Blockchain, the technology behind Bitcoin continues to rage at organizations and institutions. Even though a large amount of people are still skeptical about cryptocurrencies, blockchain however, interests more and more people. In addition to the start-ups that exploit the blockchain, the big bank of the Netherlands, the ING Direct, takes part and has invested more and more in the innovation.

Innovative Blockchain Projects


At the end of 2017, ING Direct Bank surprised a number of financial institutions and crypto-investors by announcing the launch of its Zero-Knowledge Range Proof solution, a project to improve confidentiality at lower operating costs.

The Zero-Knowledge Range Proof is suitable for financial institutions that were interested in the blockchain public registry but who was reluctant to show too much information to their competitors. ZKRP allows operations to be performed without disclosing information, ie it can show that a sum is within a certain range, but does not reveal the exact amount. According to Mariana Gomez, the ING Direct Bank blockchain manager "ZKRP can be seen as an effective way of disguising the name of a transaction while leaving the possibility to validate that there is a sufficient sum to settle the transaction. Transaction".



From now on, relying on previous work, ING has gone further in improving the privacy on the corporate blockchain. ING has introduced a new type of evidence known as Zero-Knowledge Set Membership. In a statement, ING Direct Bank revealed that the Zero-knowledge concept was going to be used for other areas.

According to the manager of Mariana Gomez, the applications of ZKSM are very varied and are not limited to numbers. For example the protocol can confirm the membership of an individual to the European Union without revealing which country he is.

ING Listening To The Blockchain Community


The ING project is open source and can be consulted by anyone who would find an interest. The fact that the project is accessible to all has made it possible to improve it. Madcars Virza of Zcash and Math Whiz of MIT were able to detect a vulnerability in the Zero-Knowledge Range proof. Vizra theoretically demonstrated that it was possible to know a hidden number by reducing the distance interval. This allowed ING to make changes to correct the protocol.

Open-sourcing allows the community to contribute to the blockchain. This is an opportunity for university developers to share their opinions and their wildest ideas.

Zerocoin Electric Coin company manager Jack Gavigan said those who will be able to exploit and adopt Blockchain technology will rise to the top of the hierarchy when the technology matures.


ING, Among The Experts In The Field Of Blockchain


ING's efforts in terms of Blockchain have been recognized by the global Blockchain community which has allowed it to be considered as one of the major blockchain players. ING was invited to participate in a workshop aimed at standardizing the Zero-knowledge Proof.

By doing hard work, the ING Blockchain team was ahead of the competition, especially JP Morgan Chase who had designed a project of the same type called Quorum using Zero-Knowledge SNARK. ING's Zero-knowledge has been designed to be cheaper and faster. At JP Morgan, it is also planned to make the open source project so that it is no longer under the direct responsibility of the Wall Street giant. After the project team leader abandoned the team to integrate a new startup.

The efforts that the ING Blockchain team has made so far will be maintained, the ING CEO and board members have shown interest in the work done.

Buy & Sell Cryptocurrency Instantly

COMMENTS

0 Comments

Like this article

CREATE ACCOUNT

LIVE RATES

All COINS

TRENDING

Market Cap {[{ marketcap }]}

Symbol

Price

Change

Chart

Trade

{[{ item.pair.split('_')[0] }]}

${[{ item.price }]}

{[{ item.change24 }]}

{[{ item.change24 }]}

TRADE

Showing {[{ showing }]}

Market Cap {[{ marketcap }]}

Symbol

Price

Change

Chart

Trade

{[{ item.pair.split('_')[0] }]}

${[{ item.price }]}

{[{ item.change24 }]}

{[{ item.change24 }]}

TRADE

Showing {[{ showing_trend }]}

WHAT'S NEW

NEWS

REVIEWS

BROKERS

WALLET