The ING Group is one of the most important banking groups in the world. Indeed, in 2012 it was the world’s largest banking services provider by revenue. In its effort of being one of the top financial institutions globally, the company is using advanced blockchain cryptography to improve products, reduce bureaucracy and offer better services.
ING Bank Uses Blockchain Technology
The Bank has developed an important product known as “zero-knowledge range proofs.” This is an incredible useful tool that can prove that a specific number is within a specified range. But the interesting fact is that it is not necessary to reveal the exact number.
“It can be used to protect the denomination of a transaction, but still allowing validation that there’s enough money in the participant account to settle the transaction,” commented Mariana Gomez de la Villa, global head of ING’s blockchain program. “ING’s ZKRP solution has been proven to be ten times more efficient than other ZKPs in the Ethereum test network, while upholding the same three principles, completeness, soundness and zero-knowledge.”
As the project is open-sourced, the work that ING has been undertaking has been academically reviewed several times. Proving that the system implemented by the bank is really effective and innovative.
ING has also been invited to discuss with the world’s top cryptographers and other important participants in a workshop in Boston. The main intention is to standardize zero knowledge proofs.
Compared to other banks, ING is being very efficient with the blockchain products that it is developing. Compared to the Zk-Snarks used in JP Morgan’s Quorum Blockchain platform, the ING product is much more effective.
Ms. Gomez de la Villa said:
“Zk-SNARKs, used in JPM Quorum, are known to be less efficient than the construction of zero knowledge proofs for a specific purpose, as is the case of zero-knowledge range proofs. Indeed, range proofs are at least an order of magnitude faster.”
In this way, ING Bank is being one of the leading companies in the industry working with distributed ledger technology with the intention to improve products, services, and processes.
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