ING CREATES A BLOCKCHAIN SOLUTION TO CAUSE INTEREST IN WALL STREET
ING , a financial group in Netherlands, announced the creation of a new concept of anonymous financial proof, called “Zero-knowledge range proof” (ZKRP). The idea must be accepted by the financiers from Wall Street. The risks of security and confidentiality scared many people away from the Blockchain technology market.
THE KEY TO EVERYTHING IS ANONYMITY
The new proof is designed to keep anonymity, at the same time confirming the accuracy of transactions. ING’s Blockchain manager, Mariana Gomez de la Villa, stated the following:
“It is proved that the ZKRP solution from ING is 10 times more efficient than the other concepts in the Ethereum test network. At the same time, all three principles being kept: completeness, soundness and zero-knowledge. “
In traditional financial systems, the transaction veryifying process requires extensive information about the counterparties. However, in zero- knowledge proof systems, no additional data is required. This makes the transaction completely anonymous and, yet confirmed. It is something critical for a massive financial adoption.
For some time, it was clear that the largest financial institutions are starting to look closely at the blockchain technology for internal transfers. Considering the fact that blockchain projects are being developed in companies, such as MasterCard, American Express, Bank of America and Nasdaq, the future of technology is appreciable.