ING is preparing to prove that there are not only venture companies in the world of Blockchain cryptography.
The Netherlands-based banking sector has decided to confront this innovation directly rather than following the problem from the edge and worrying about financial institutions as well as crypto users. As a matter of fact, ING Bank took the first step in this area in November of last year by making some changes in the field of zero-knowledge proofs (cryptography).
To put it briefly, we can define this crypto field as proof that no one knows what a secret is, without explaining what this secret is.
There is no hope for self-disclosure, and it is a vehicle for hope that can be used in shared books for financial institutions. But the only problem is that they have a lot of information leaked to their opponents in this area. This technique was previously implemented by zcash in the world of crypto currency. With this application, banks were able to realize their assets through a network without touching their hands and without compromising customer privacy.
But ING changed this method to create a new model as ” zero-knowledge range proofs “. To prove a number in this new model, it is proved by specifying within a range without giving exactly that number. At the same time, this newly developed method allows faster operation on the Blockchain network as less processing power is needed.
Mariann Gomez de la Villa , who is the authority of ING’s Blockchain program, gave an example of the use of intermittent zero-information proof that the bank had gone through open source code for the past year. In this example, it will be able to confirm exactly how much of this technology one should buy to get a long-term home loan without giving that number. Gomez de la Villa continues to say:
“We can use this technology to secure the evaluation of transactions. Of course, in doing so, we still need to verify that there is enough money on the account of the users to carry out this transaction. ”
In addition to this new technology, ING also plans to remove another roughened blockchain privacy issue in the business sector with the ” ordered zero information set “.
In the statement that ING has made, zero information is intended to ensure that the notion of the concept also covers not only numbers but also other types of data.
Through this “lined membership” it is possible to prove all kinds of information such as names, addresses, locations that are hidden in a particular set.
Gomez de la Villa suggests that this new ” sequenced set ” concept can potentially be used in many areas. This is because it allows me to use any kind of information that has been recorded correctly and saved from being bound to the numbers.
Gomez de la Villa says that your “sequential membership” and “intermittent ispattan” are more effective:
“Imagine, for example, that we can confirm the identity of a person living in a country in the European Union without revealing it.”
Benefits of Being Open-Source
Of course, we do not have to listen to ING’s words completely. This cryptographic work body created by ING is also open-source , so it is subject to a high degree of academic review.
Madars Virza , one of MIT’s mathematical founders and one of the founders of ZCASH , has revealed a gap in the intermittent zero-information proprietary document published last year.The vortex theoretically showed that it is possible to obtain information about the number hidden between numbers.
ING said it was removed immediately. Gomez de la Villa said that this kind of feedback from the community is very important thanks to this open source code and it is possible to debug and improve the system at this point. He added:
“We have made it a collaborative effort by sharing our open source code with zero-spacing information.”
It also underscored that this problem is a good example of the mutual benefit relationship that companies such as ING and cryptologists in academic circles might have.
Gomez de la Villa said, “They are working on the theory, and we are on the practice.”
“As they continue to produce crazy ideas [cryptographers], we can also say, ‘What can we do to make this new idea available to other people?’ we think. ”
Jack Gavigan , chief operating officer of Zerocoin Electric Coin Company , who developed the Zcash network, said working in partnership with open source code would take some time to make a rapid progress in the field of zero information. Gavigan said:
“When a technology that is completely out of the ordinary order like Blockchain comes in, it changes most things. Companies that prepare themselves to these technologies in the best way and adopt their benefits quickly will always be in the first place when this new order is established. ”
Gavigan goes on to say:
“I think it is precisely because companies such as ING are entering this new space and trying to take on this new technology and join a wider community. Because when new technologies reach full reach and the most productive ages begin, these companies will already have knowledge and will want to be a pioneer. ”
Going After JP Morgan
On the other hand, initiatives on the blockchain have already begun to be useful.
ING has begun work to create a working group based in Boston that aims to set a zero standard of knowledge in a specific standard by inviting famous worldwide cryptologists such as Shafi Goldwasser from MIT to a meeting in Boston.
In this way ING will work with experts as part of a larger community to further expand the field of zero knowledge.
At the beginning of this year Benedikt Bunz from London University Jonathan Bootle and Stanford announced their ” Bulletproof ” practices. This practice proves to be evidence of wider areas of evidence, not only of a certain range of evidence, while evidence performance is greatly improved.
Many venture companies have adopted this new application immediately. Companies such as Chain , a Silicon Valley venture company, are exploring the use of this new application for companies.
In the field of banking, JPmorgan ‘s best known example of zero information inflation is Quorum , which is welcomed with enthusiasm around Blockchain.
ING has taken the model of the Quorum one step further, making it a less demanding new zero information system and enabling it to work faster in dispersed notebooks.
In a statement by Gomez de la Villa:
“It is known that the Zk-SNARKs system used in the JPM Quorum is less effective than zero information applications with a certain purpose (such as intermittent zero information). The intermittent proof system is superior and faster than a shirt at least. ”
JPMorgan ‘ in Quorum team was led by Amber Baldet . But Baldet later left the project and joined an initiative that was not yet given an name. According to some supporters, JPMorgan plans to remove Quorum, which is no longer under direct supervision.
Speaking on this subject, Gomez de la Villa said his own Blockchain team was working with full approval from the company’s top agencies:
“In the past days we had a meeting with Ralph Hamers (CEO of ING Bank) and all other board members. It was really nice to see the Blockchain team show their interest to hear what they do and how they do it. ”
Gomez de la Villa concluded his words as follows:
“I think we have much more comfort and much more support within our institution.”