Yesterday Spanish bank BBVA announced it was partnering with the Madrid based IMDEA Software Institute for research into Zero Knowledge Proofs (ZKP). This cryptographic solution is commonly used in blockchain solutions and enables data to be shared while maintaining privacy. Both organizations have expertise in privacy enhancing technologies (PETs).
Examples of the sorts of use cases might include confirming someone is over the age of 18 but not disclosing their age. A more financial example would be verifying that a company owns the asset it wants to sell without revealing the seller’s name.
IMDEA and BBVA plan to focus on financial use cases that “make it easier for financial institutions to verify the accuracy of information necessary for the sale of a product or service.” They also mentioned using digital evidence for certification without sharing the underlying data. And finally, they outlined the potential in the identity field.
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