ING Bank presents Blockchain-based tool Zero-Knowledge Set (ZKSM), which enhances the privacy features for banking customers.
ING stated that the new products are being serviced as an upgrade to the existing Blockchain-based system, the Zero-Knowledge Range Proof (ZKRP), which is used to ensure customer privacy in a distributed ledger technology (DLT) environment.
ING said:
"In a Know Your Customer (KYC) check, a user can be validated to be part of a group – an EU citizen – without disclosing the exact country that they live in. If the dataset formed includes all countries in the EU and if the private information given is the country of residence of a user, the user can prove that they are an EU citizen."
The company also announced that ZKSM supports dimensions such as geographic location, and stated that it aims to optimize costs and service efficiency for financial institutions and customers.
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