Last year ING announced its Zero Knowledge Range Proofs which enable organizations to verify a range such as age older than 18, without knowing a person’s precise age. On Sunday the bank announced it plans to open source a new solution Zero Knowledge Set Membership (ZKSM).
Both innovations are based on the concept of
Zero Knowledge Proofs (ZKP) which allow a third party to test encrypted data for limited facts, without full access to the data. The advantage of ZKP is it enables private information to be stored securely and privately on blockchain or distributed ledger technology (DLT), but yet still be useful.
While ING’s Range Proofs worked with numbers, the ZKSM solution can also work with textual data such as names and locations. The example ING gives is a set that contains all the names of EU countries. Hence ZKSM enables a KYC solution to verify a client is an EU citizen without knowing their specific country.
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