ING Bank has released its blockchain-based Zero-knowledge Set Membership (ZKSM) solution to advance privacy capabilities for clients banking with ING.
ING stated that the new product services as an upgrade to its existing blockchain-based system, Zero-Knowledge Range Proof (ZKRP), which is used for client privacy within a distributed ledger technology (DLT) environment.
Additionally, ING stated that ZKSM can offer dimensions such as geographic location and stated that it aimed to streamline costs and service efficiencies for financial institutions and clients.
As an example of a ZKSM use case, 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."
ING head of wholesale banking innovation Annerie Vreugdenhil said: "ING's overall goal with DLT and specifically blockchain is to create solutions that empower our clients to transform their business models.
"One of the key elements in this process for clients is how to deal with data and privacy. ZKSM is the next step in this journey," she added.
ZKSM will be launched as an open-source platform to offer access to external developers to encourage industry adoption.