ING Launches Open Source Privacy for Blockchain

The Dutch banking and financial services company ING has confirmed the launch of its Block Zero-Knowledge Set Membership (ZKSM) tool in a press release.

ZKSM, which acts as a privacy enhancement for DLT technology such as Blockchain, aims to provide validation of certain alphanumeric data without compromising the overall security of such data.

According to ING, the tool allows a Blockchain to confirm that a part of the data belongs to a specific set, without revealing its complete characteristics.

For example, as the press release elaborates, a citizen of the European Union could prove that he / she belongs to the EU without having to identify the exact country of residence.

"One of the main challenges in implementing the new DLT is to protect private information in a public ledger, where changes must be verified by each participant in the network," the bank said in a statement.

Explaining the impetus behind the latest version, ING's leader in bank innovation, Annerie Vreugdenhil, said the bank wanted to help customers "transform their business models." "One of the key elements in this process for customers is how to handle data and privacy. ZKSM is the next step in this journey," he said.