One of the top-rated banks in the Netherlands, ING Bank, seems to be in pair with the other banks adopting blockchain as a technology that could improve the workflow and operations. In the latest daily blockchain news, we have ING and the release of its Zero-Knowledge Set Membership (ZKSM) solution that was announced this week at the Sibos banking conference.
According to the Netherlands-based lender, the zero-knowledge proofs (which are a way of proving possession of a secret without revealing the secret itself) are a technology that could be simplified within the bank for its internal uses, calling it zero-knowledge range proofs.
Speaking of, these proofs can prove a number inside a specific range. For example, a mortgage applicant could prove that their salary sits within a certain range without mentioning the exact figure. The reason why these proofs are being used is simple – they are computationally lighter than regular zero-knowledge proofs and run faster on a blockchain.
The zero-knowledge set membership (ZKSM) allows for alphanumeric data to be validated in specified sets, which in practice could move beyond numbers into other types of data such as proving dimensions and geographic positioning.
Annerie Vreugdenhil, who is the head of wholesale banking innovation at ING, is optimistic about the new system and said that ZKSM has amazing open-source capacity when dealing with data and privacy using distributed ledger technology (DLT). As she summed up the company’s shared beliefs:
“At ING, we are fortunate to have some of the best minds in the industry working on our programme. And we are excited that our ground-breaking solution is now ready to be implemented and tested.”
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Blockchain ‘Smart Money’ Trialed By Australia’s Science Agency And Commonwealth Bank
“Our use of blockchain added new kinds of programmable behaviors to the smart money in the prototype system. This automation and flexibility could reduce friction and enable greater innovation in many payment environments and unlock network-effect benefits. This could include more directly connecting citizens to public policy programs, empowering people to optimize their spending through things like smart savings plans and smart diets, and reducing costs for businesses, including through the potential for self-taxing transactions.”This is not the first blockchain trial where the CSIRO was involved. Previously, the organization collaborated with the University of Sydney, testing a blockchain application on the cloud infrastructure platform of Amazon Web Services - finding that the application was able to achieve a speed of 30,000 transactions per second.
Iran Gets Removed From SWIFT, Considers Switching To Crypto As Planned
“The US has gone rogue, and cannot be allowed to dictate economic or political policy to the rest of the world. The sooner the rest of the world develops an alternative payments system – possibly working through SWIFT, but using a basket of currencies as the basis for a supra-national unit of exchange – the better. The USA is big enough to bully what should be an impartial means for monetary transactions between countries. This should not be possible.’’However, the Iranian Parliamentary Commissioner of Economic Affairs, Mohammad Reza Pourebrahimi, said that the country is working on a plan to involve cryptocurrencies as international payment methods cooperating with Russia. Already multiple businesses in Iran such as HotelsinIran which is a major booking platform started accepting cryptocurrencies as a payment method. Many experts believe that this is a perfect way for cryptocurrencies to gain mass adoption in Iran.
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