Dutch International Group (ING) Releases White Paper: Corda Blockchain Security and Privacy Improvement Solution

According to Cointelegraph's October 22 report, the financial services company ING has announced that its researchers have solved the security and privacy issues of the Corda blockchain of blockchain software company R3.

Blockchain-4129138_960_720 (Source: pixabay )

On October 23, ING's distributed ledger technical team published a white paper titled "Solving the Security and Privacy Solutions in the Corda Blockchain." The team found a solution to improve its security and privacy on the open source blockchain platform Corda.

Zero knowledge proves improved privacy and security of the Corda blockchain

A white paper issued by ING pointed out that at present, the content of every transaction on the Corda blockchain must be notarized to reach a consensus, and this process may involve privacy issues. Mariana Gomez de la Villa, Director of ING International Group, explained:

Corda's current notary service provides two ways to confirm the transaction: confirmation of notarization and non-confirmation of notarization. When the use confirmation is fair, the notary needs to check the content of the transaction before determining whether the transaction information is correct, which means that both parties will lose privacy. A non-confirmed fair transaction will not reveal the content of the transaction, but it will create a security risk. For example, if a malicious participant constructs an invalid transaction, the notary public may sign the wrong transaction. However, as with the confirmation of notarization, non-confirmed fairness can protect participants from double-flowering.

ING's solution introduces a zero-knowledge (ZKP) notary service to verify the transaction, which is said to evaluate the validity of the transaction without compromising security and without revealing any private content.

A zero-knowledge allows one to prove to the other that a statement is true and at the same time guarantees the privacy of the information. In 1988, researchers from the Massachusetts Institute of Technology and the University of Toronto published a paper that defined "zero-knowledge proof" for the first time as "a proof that no additional knowledge is passed beyond the correctness of the proposition in the verification question."

Zero knowledge card improves the privacy of the public blockchain and promotes the adoption of blockchain.

Bank may cut off contact with Facebook

Cointelegraph has previously reported that Ralph Hamers, CEO of Dutch International Group, said that if social media giant Facebook launches its stable currency Libra as planned, banks may prefer to stop working with the company. Hamers explained that, like the Dutch International Group, banks are taking a low-risk approach:

We are a large, regulated organization and we don't want to take any risks. We will continue to pay attention to the progress of Libra.