ING Bank Releases Blockchain Privacy Tool Bulletproofs
Helen Partz's original article for cointelegraph.com reduced by 55%
Dutch global banking and financial services corporation ING introduced its new cryptographic blockchain development called Bulletproofs, according to an announcement on Feb. 7. Bulletproofs represents an extended technology for ING's previous blockchain privacy-focused developments such as zero-knowledge range proof and zero-knowledge set membership.
ING bank first launched ZKRP in November 2017, enabling market participants to maintain anonymity in a transaction while still confirming its accuracy. ING bank cited an example when banks can validate that a client lives in a country that belongs to the European Union, without revealing the exact country. Since Bulletproofs does not rely on a trusted setup, parameters can be generated without a secret value, which purportedly provides a higher degree of trust for all the users on the blockchain.
Earlier this year, ING signed a five-year contract with enterprise blockchain consortium R3 to access R3's commercial blockchain platform Corda. On April 12, the International Monetary Fund and the World Bank jointly launched a private blockchain and a new asset Learning Coin.
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