{"id":510025,"date":"2017-11-17T13:39:10","date_gmt":"2017-11-17T13:39:10","guid":{"rendered":"http:\/\/coinhash.co\/blockchain-transactions-just-got-a-whole-lot-safer\/"},"modified":"2017-11-17T13:39:10","modified_gmt":"2017-11-17T13:39:10","slug":"blockchain-transactions-just-got-a-whole-lot-safer","status":"publish","type":"post","link":"https:\/\/www.free-ebooks.net\/crypto\/blockchain-transactions-just-got-a-whole-lot-safer\/","title":{"rendered":"Blockchain transactions just got a whole lot safer"},"content":{"rendered":"<\/p>\n
\n

Banking giant ING\u2019s blockchain team has announced a major breakthrough that will help overcome one of the biggest obstacles to using blockchain in financial services: protecting data privacy. The new code, known as a \u201czero-knowledge range proof\u201d (ZKRP) is 10 times more efficient than existing technologies designed to keep information on a ledger private.\"\u201cOur<\/p>\n<\/div>\n

\u201cOur solution is 10 times more efficient than other technologies\u201d – Mariana Gomez de la Villa<\/p>\n

How does it work?<\/h2>\n

Currently, information on a public ledger is not private given that changes must be verified by each participant in the network. The ZKRP code adds a layer of cryptography to blockchain technology that resolves this challenge.<\/p>\n

The ZKRP solution demonstrates the truth of a specific statement without revealing any additional information beyond what it\u2019s trying to prove. For example, a mortgage applicant could prove that their salary sits within a certain range, without revealing the exact figure. Similarly, the ZKRP could prove that a payment amount is within a limit, without showing the exact amount.<\/p>\n

What\u2019s so clever about that?<\/h2>\n

\u201cUntil recently, one of the primary challenges for applying blockchain in the banking sector was ensuring that data privacy was protected and at the same time meeting regulatory reporting requirements,\u201d explained Mariana Gomez de la Villa, global head of ING\u2019s blockchain programme.<\/p>\n

\u201cWhile existing zero-knowledge technology has provided us with a way of overcoming that, the main limiting factor is the resource, and therefore cost, that each verification would generate.\u201d<\/p>\n

ING\u2019s specific solution has been benchmarked against similar technologies in Ethereum<\/a>, the world\u2019s largest blockchain alliance, which the bank is part of. The operating costs of ZKRP are much lower than other technologies.<\/p>\n

\u201cING\u2019s ZKRP solution has been proven to be 10 times more efficient than others in the Ethereum<\/a> test network, while upholding the same three principles: completeness, soundness and zero-knowledge,\u201d said Mariana.<\/p>\n

ING\u2019s blockchain team have launched ZKRP as an open source solution, which means that other interested parties in the development community are able to download, access and even contribute to the solution.<\/p>\n

\u00a0<\/p>\n

This article originally appeared at: https:\/\/www.ing.com\/Newsroom\/All-news\/Blockchain-transactions-just-got-a-whole-lot-safer.htm.<\/div>\n","protected":false},"excerpt":{"rendered":"

Banking giant ING\u2019s blockchain team has announced a major breakthrough that will help overcome one of the biggest obstacles to using blockchain in financial services: protecting data privacy. The new code, known as a \u201czero-knowledge range proof\u201d (ZKRP) is 10 times more efficient than existing technologies designed to keep information on a ledger private. \u201cOur […]<\/p>\n","protected":false},"author":1019,"featured_media":509962,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[1],"tags":[],"class_list":["post-510025","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.free-ebooks.net\/crypto\/wp-json\/wp\/v2\/posts\/510025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.free-ebooks.net\/crypto\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.free-ebooks.net\/crypto\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.free-ebooks.net\/crypto\/wp-json\/wp\/v2\/users\/1019"}],"replies":[{"embeddable":true,"href":"https:\/\/www.free-ebooks.net\/crypto\/wp-json\/wp\/v2\/comments?post=510025"}],"version-history":[{"count":0,"href":"https:\/\/www.free-ebooks.net\/crypto\/wp-json\/wp\/v2\/posts\/510025\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.free-ebooks.net\/crypto\/wp-json\/wp\/v2\/media\/509962"}],"wp:attachment":[{"href":"https:\/\/www.free-ebooks.net\/crypto\/wp-json\/wp\/v2\/media?parent=510025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.free-ebooks.net\/crypto\/wp-json\/wp\/v2\/categories?post=510025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.free-ebooks.net\/crypto\/wp-json\/wp\/v2\/tags?post=510025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}