The Open Testing
Worldwide Dutch financial house ING, is working hard in the background driving forward innovations to improve Blockchain cryptography.
There have been concerns with the “zero-knowledge proofs” aspect of Blockchain from both users and financial institutions alike. It has been a real positive for said institutions allowing them to transfer assets without giving away a client’s privacy. Shared ledgers could be used without compromising any of the data. ING designed a format that ensured that only a low amount of power was required and a quicker process was attained. This new version is a wonderful addition for banks allowing them to see – for example – whether a customer has enough financial backing to have a mortgage without knowing what the actual figure is in their bank account.
To add to this, ING is also developing “zero-knowledge set membership”. This new technology will provide the zero-knowledge concept to work on data rather than numbers solely. This means that location, names, and addresses can be used and validated. For example, you are now able to prove that an individual lives in the United Kingdom without compromising the information on exactly where.
There have already been extensive reviews on the system from academia and peers alike. One of the issues highlighted in the zero-knowledge proofs, releases, has already been fixed by ING. This is one of the many positives when allowing the industry and others to test the software – bugs can be highlighted and fixed in the early stages. In fact, several industry experts are applauding the openness of the testing and the huge benefits that are coming from it. Everyone can enjoy the fruits of labor from this collaboration of ING, academia and the industry as a whole. By thoroughly testing the software before release, it means it is ready to work and be sturdy enough to support clients straight from launch without having to release new versions straight after it has been sold to the market.
ING As Experts
The above work has now opened the door for ING to become part of a worldwide cryptography workshop. This invite-only event will discuss and standardize zero-knowledge proofs. This actually proves how well-respected ING is amongst the industry following all of their hard work to innovate Blockchain technology.
One of the leading zero-knowledge proofs in a bank was that of JPMorgan Chase. However, ING has developed their brand even further and refined the technology, which enables a very efficient service for all users.
The work that is ongoing in ING has the full backing of its board and is being fully supported, so you will certainly not see the software breaking out and leading team members leaving as with JPMorgan Chase who is currently considering selling their Quorum software. ING is definitely here to stay, and this can only be seen as positive bearing in the mind the groundbreaking work they have already done and the way they are interacting with the community to develop Blockchains for the better of us all. Their approach is certainly something that should be mirrored but other industry giants.