Tuesday, 04 August 2020

ING teams up with R3CEV to invest in blockchain technology

ING Group has teamed up with R3CEV, a distributed database company, to invest in the field of blockchain technology.
ING Group seeks to reach out to the use of blockchain technology in various functions like the settlement of complex transition. ING group has developed a modified version of zero-knowledge proof to maintain security and privacy in its operations.

A zero-knowledge proof or interactive proof protocol allows the prover to assure the verifier that they do have knowledge about the particular secret or a statement without actually revealing the secret or the statement.

The blockchain technology has a distributed database which records all the financial transactions happening in the company. It uses encoding to protect the database from manipulation and falsification of its data in any way. This feature makes the network absolutely secure. The register in which the data is recorded is encrypted on a global network, where, the data is constantly updated to prevent the manipulation of data.

source: thepaypers.com 
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