ING Bank in the Netherlands has begun testing technology "Bulletproofs", developed by cryptographers from Stanford University, University College London and Blockstream startup to hide the amounts transferred in transactions through the blockchain of bitcoin, CoinDesk reportes.
Payment privacy matters not only for cryptocurrency users, but also for banks interested in using blockchains and not willing to disclose information about transactions of their clients. For this purpose, ING Bank has already tested zero-disclosure (ZKP) evidence technology, but it turned out to be too demanding of calculations and could slow down the operation of the bank system.
As reported, the bank found bulletproofs turn out to be “roughly ten times faster than other range proofs, for a single range proof,” Most of the work is currently carried out on a scientific level, which does not prevent the bank from seeking out the fields of application for the technology right now. The privacy of blockchains is particularly relevant due to the need to comply with the requirements of the EU General Data Protection Regulations (GDPR).
At the same time, ING Bank is not going to give up ZKP technology completely. The Bank cooperates with developers on the issue of creating specialized tools, in particular for carrying out documentary operations through the blockchain. For example, ZKP can be used to track exchange goods from the moment they are produced and the certificate of origin is stored during the movement along the entire supply chain without having to disclose information about the supplier, price or quality.