ING Group, a Dutch multinational banking services provider, has launched a blockchain privacy-focused cryptographic tool dubbed Bulletproofs, following its zero-knowledge range proof (ZKRP) and zero-knowledge set membership (ZKSM) technologies.
Bulletproofs allegedly possesses a much improved speed, yet still maintain its core value as a privacy tool, and “no longer requires a trusted setup,” the firm stated. Originally created in a partnership between researchers from Stanford University, University College London and blockchain startup Blockstream, the algorithms is purportedly open for public inspection, modification, and enhancement.
ING’s blockchain initiative’s global lead, Mariana Gomez de la Villa, reportedly likened the limits of its old zero-knowledge proofs to the trusted infrastructure, which Bulletproofs has now overcome, added:
“Because Bulletproofs don’t rely on a trusted setup, parameters can be generated without a secret value, providing a higher degree of trust for all the users on the blockchain.”
Previously, ING Group contracted distributed ledger technology company R3 for the long-term implementation of R3’s open-source blockchain platform Corda across its business infrastructure, as Cointelegraph reported this January.