Share this article
ING Bank Launches Zero-Knowledge Tech for Blockchain Privacy
ING Bank has continued further down the road of advanced blockchain privacy with the release of its Zero-Knowledge Set Membership (ZKSM) solution.
By Ian Allison
Updated Sep 13, 2021, 8:30 a.m. Published Oct 21, 2018, 9:06 p.m.
Make us preferred on Google
ING Bank is continuing further down the path of advanced blockchain privacy with the release of its Zero-Knowledge Set Membership (ZKSM) solution, announced this week at the Sibos banking conference.
The Netherlands-based lender had already received plaudits for adapting classical zero-knowledge proofs (a way of proving possession of a secret without revealing the secret itself) into a simpler form for use within the bank called zero-knowledge range proofs.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Zero knowledge range proofs can prove a number is within a specific range. For example, a mortgage applicant could prove that their salary sits within a certain range without revealing the exact figure. As such range proofs are computationally lighter than regular zero-knowledge proofs and run faster on a blockchain.
Also designed to scale on a blockchain architecture, zero-knowledge set membership (ZKSM) allows for alphanumeric data to be validated within a specified set. In practice, this means moving beyond numbers into other types of data, such as proving dimensions and geographic positioning.
As an example, in a know-your-customer (KYC) check, a user can be validated to be part of a group (say, an EU citizen) without disclosing the exact country that he/she lives in. If the data set formed includes all countries in the European Union, and if the private information given is the country of residence of a user, the user can prove that he/she is an EU citizen.
Since being open-sourced, the body of cryptographic work that ING is building on has been subjected to academic to peer review by the likes of MIT's Madars Virza, one of the co-founders of zcash.
Annerie Vreugdenhil, head of wholesale banking innovation at ING, said launching ZKSM in an open-source capacity is the next step in the journey to figure out how to deal with data and privacy using distributed ledger technology (DLT).
"At ING, we are fortunate to have some of the best minds in the industry working on our programme," said Vreugdenhil. "And we are excited that our ground-breaking solution is now ready to be implemented and tested."
Enigma machine image via Shutterstock
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Macro fears mask Ethereum’s momentum, SharpLink CEO says
SharpLink CEO Joseph Chalom argues that macro uncertainty is hiding a massive institutional shift toward Ethereum-based tokenization.
What to know:
The context: Former BlackRock Head of Digital Assets Strategy, and SharpLink CEO, Joseph Chalom says institutional giants are betting heavily on Ethereum to serve as the global infrastructure for asset tokenization, ignoring current price stagnation.
He outlines three key drivers for a projected 10x surge in Ethereum activity this year:
- BlackRock’s Larry Fink has signaled strong conviction that Ethereum will be the "toll road" for tokenized assets.
- Over 65% of all stablecoins and tokenized assets live on Ethereum, dwarfing Solana by a factor of ten.
- High-value projects prioritize Ethereum's decade-long record of security and liquidity over faster, cheaper alternatives.
Top Stories
