The recent Sibos Banking Conference witnessed the launch of ING Bank’s Zero-Knowledge Set Membership (ZKSM) solution. Describing its initiative to the participants, the bank said it aims to improve blockchain privacy. It allows for alphanumeric data to be validated within a specified set, said the ING Bank.

The whole idea of ZKSM solution is based upon the zero-knowledge range proofs. According to the report, the solution will allow the use of alphanumeric data to be verified within a specific set. This will allow officers to verify the KYC of customers without the need of their location. For example, if a customer opts for a mortgage, he needs to state his region of stay, as that can be easily discoverable through zero-knowledge proofs.

ING Banks had previously implemented this zero-knowledge range proofs. These proofs do not need the specification of a particular number. Rather, the concept works on proving the presence of a number within a specific range.

Regarding this, Head of Wholesale Banking Innovation at ING, Annerie Vreugdenhil said that the launch of ZKSM solution will lead to developed methods of better handling data and privacy using blockchain. Further adding, she also explained that ING Banks is ready to implement and test with this revolutionary solution. The Netherland lender is highly optimistic for emerging as a leader in the field of data privacy.