ING Bank Joins the Private Blockchain Bandwagon
April 15 2019 - 12:40PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
April 15, 2019 -- ADVFN Crypto NewsWire -- Starting with
zero-knowledge proofs, ING bank has been delving into the
possibility of blockchain technology helping to facilitate greater
privacy for quite a while. According to CoinDesk, the trouble is:
they just can’t seem to settle on one solution to actually try out
live, even in the case of a live pilot.
Their latest effort involves
researching a technology called “bulletproofs,” which amount to a
form of zero-knowledge proofs with a few different features.
Judging by a post from Stanford University’s crypto group, chief
amongst these features is the ability to verify the truth of a
document or a transaction without needing any information at all
about the parties involved.
With both this post and CoinDesk’s
article today on the subject in mind, however, one particular
difficulty with using bulletproofs at scale comes to light.
Reportedly, they are just too time-consuming, even more so than
traditional zero-knowledge proofs. Considering this statement, it
is hard to follow how ING’s claim that bulletproofs may be “10
times faster than other range proofs” can be true, at least at
first.
Perhaps, despite the fact that this
statement was given with a particular caveat could lead us to a
likely answer. In saying that bulletproofs are the fastest, ING
also seems to have been speaking about a comparison involving one
proof being sent at a time. Therefore, they never meant to suggest
that bulletproofs are the fastest at scale.
In the end, since this appears to
be true, it may also be concluded that for now, ING Bank is nowhere
closer to finding a cryptographic privacy framework that would
fully work for them. The key to doing so might be to embrace the
open-source ethos of the blockchain industry and collaborate with
other institutions on the research to speed up the process. The
problem is: for now, there’s no indication that ING Bank would be
interested in doing that since their main interest in using privacy
technologies seems to be to protect their own assets from
competitors and nefarious parties.
By: BGN Editorial Staff
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