22 Nov ING Creates Highly Efficient Blockchain Privacy Solution
Dutch banking group ING recently announced that it has come up with a solution that will ensure the privacy of information when using blockchain technology.
At present, information on the public ledger is not completely private as it still requires participants in the network to verify any changes made. The ING blockchain team claims that the “zero-knowledge range proof” (ZKRP) code will be 10 times more efficient in preserving the privacy of information on a ledger by introducing an additional layer of cryptography.
Global head of ING’s blockchain program Mariana Gomez de la Villa says that the solution should also lower operating costs, compared to existing technologies.