Several banking institutions are now vouching for its use across various industries.
In the past couple of years, the banking giant has emerged as a serious contender in the blockchain race by launching and participating in several initiatives within the segment.
Here is a list of a few ING blockchain programs that have strengthened the group’s foundation with this technology.
Release of Zero Knowledge Proofs
While other banks were deliberating on whether to use blockchain technology for a certain segment, ING internally developed and released zero-knowledge range proofs (ZKRP).
This improvement on zero-knowledge proofs (ZKP) allowed users to obtain verifications regarding data (statements/amounts) being in a certain range without actually having to access the actual, confidential data.
Released as an open-source solution, ZKRP technology aims to help blockchain programmers improve upon their development programs. Followed by the release of a zero-knowledge set membership (ZKSM), which aims to improve data security for pertinent users.
Involvement in VAKT
Due to ING’s involvement as a shareholder, a blockchain platform created for oil trading has already gone live with its operations.
Dubbed as VAKT, the program allows for crude oil trading in a more secure, efficient and trustable environment through blockchain technology.
It boasts of the involvement of major players such as BP and Shell, and plans to expand its operations in the future.
Launch of Komgo SA
Another one of ING blockchain initiatives that’s worth mentioning is Komgo SA, a commodities finance platform that holds 15 of the world’s largest banking and financial groups as its members.
Among ING, the platform boasts of ABN-Amro, Citi Group, as well as Koch Supply and Trading as some of the participating partners.
Through the platform, these institutions aim to introduce faster, more efficient processes within the industry of commodity trading. The aforementioned ING blockchain programs are not the only ones introduced by the banking institution.
The tweet summarizes the ING blockchain programs going into 2019, with the possibility that the bank may launch a few more initiatives in the near future.