Dutch lender ING has launched the Zero-Knowledge Range Proof (ZKRP) solution to improve privacy for financial institutions using blockchain technology.

Zero-knowledge proofs (ZKPs), which are already used on the Ethereum network, allows a party to verify a statement’s accuracy without disclosing the actual information. However, ING said that its ZKRP solution is around ten times more efficient than other technologies and is available at a lower operating cost.

The bank has launched ZKRP as an open source solution, enabling other developers to download access and contribute to it.

ING blockchain programme global head Mariana Gomez de la Villa said: “Until recently, one of the primary challenges for applying distributed ledger technology in the banking sector was ensuring that data privacy was protected while simultaneously meeting regulatory reporting requirements.

“However, ING’s ZKRP solution has been proven to be ten times more efficient than other ZKPs in the ethereum test network, while upholding the same three principles: completeness, soundness and zero-knowledge.”