The Dutch ING Groep has released a blockchain tool designed to give customers increased privacy. The tool is called Zero-Knowledge Set Membership and is open to the public.
Companies are enthusiastic about the Bitcoin evolution
Even though financial institutions are usually not fans of crypto currencies, companies are quite often interested in distributed ledger technologies such as Bitcoin evolution blockchain. Visa and MasterCard, for example, never tire of warning of the dangers of ICOs. The two credit card companies even recently announced that they would take stronger action against ICOs in the future. In cases of doubt, the companies also reserve the right to reverse bookings up to 540 days after a transaction – if, for example, they are connected to questionable ICOs. On the other hand, both companies are enthusiastic about the blockchain. For example, Visa launched its own blockchain platform. Meanwhile, MasterCard, too, never tires of advancing in the blockchain area.
More data protection with Blockchain
Now the ING Groep also joins the ranks of financial service providers that deal with blockchain technology and its implications. The major Dutch bank published its open source blockchain tool Zero-Knowledge Set Membership on 22 October.
The tool aims to protect the privacy of customers. With the help of the tool, the affiliation of data can be checked. The whole process is automated and anonymous – the blockchain performs the verification during this process. This enables, for example, credit applicants to prove that their income is sufficient for the credit without having to disclose their accounts. In this way, ING intends to use the tool to ensure transparency and protect its customers‘ data at the same time. Ultimately, the tool can also be used for know-your-customer processes, where it is necessary to prove the place of residence or similar personal data.
ING Groep is based in Amsterdam and is one of 30 major banks that the Financial Stability Board has rated as a systemically important financial institution. With its move into DLT, it is now taking a pioneering step for the financial industry.