The FINANCIAL -- ING announced another blockchain breakthrough that improves data privacy for clients: its zero-knowledge set membership solution. The release of ZKSM follows ING’s zero-knowledge range proof solution announced last year, which helps overcome one of the biggest obstacles to using blockchain in financial services: protecting data privacy.
How does it work?
ZKRP enables numerical data to be validated within a number range. For example, a mortgage applicant could prove that their salary sits within a certain range without revealing the exact figure.
But data isn’t just about numbers.
ZKSM goes beyond numerical data to include other types of information, like locations and names. This makes the new code — ZKSM, more powerful.
For instance, banks could validate that a new client lives in a country that belongs to the European Union, without revealing the country. Simply put, this technology allows information to be shared without revealing contextual details.
Available for anyone to use
The ZKSM solution is open-source, which means that external developers can experiment with and improve distributed ledger technology privacy standards.