ING bank using Bitcoin “bulletproofs” in private blockchains

posted 5 months ago
ING’s blockchain team is testing a privacy technology called “bulletproofs.” Bulletproofs are designed to hide the amounts being transferred in Bitcoin transactions, which are normally visible to anyone. But banks have privacy concerns about blockchains too, since they don’t want to expose competitive or sensitive client data to rivals.

ING is now looking to where it can apply the tech. For instance, proving an individual belongs to a given EU member state without disclosing any other information about their identity. Blockstream mathematician Andrew Poelstra said “When we developed bulletproofs in 2017, we did not expect such an uptake. We’re very excited and proud whenever we see the technology being applied to real world problems, if a little surprised its found a use-case in traditional banking!”
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