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ING Bank addresses Corda blockchain inadequacies

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In its whitepaper launch on Oct 23 ING Bank has proposed resolution for R3’s Corda blockchain inconsistencies, which cause users to either compromise on their security or privacy.

Corda is among the most trusted and renowned distributed ledger technology platforms we have today. However, it carries a trade-off in which users either do away with the security or privacy. Needless to say, both can have catastrophic implications for Corda participants.

In an attempt to address the elephant in the room and propose a fool-proof solution, that neither shifts the accountability to other parties nor limit Corda’s functionalities, the Dutch multinational banking corporation, ING Bank, has come up with a proposal that relies on cryptography and hardware-based approaches to resolve the privacy and security trade-off in Corda blockchain.

Corda blockchain owns most glaring issues

Mariana Gomez de la Villa, ING director, explains that the existing technology reveals the content on the blockchain to the approving notary. Only once the transaction inputs and outputs along with the availability of the requisite signatures are verified, participants reach consensus. This is a blatant breach of privacy as the notary has access to the full contents of the transaction.

Another glaring challenge is the issue of security as non-validating notaries corroborate transactions on limited information. This implies that as opposed to validating notaries, non-validating notaries permit denial of state attack by not verifying the signatures and make the blockchain vulnerable to malware attacks.

ZKP allows for enhanced privacy and security

As a result, ING has proposed a zero-knowledge proof (ZKP) notary service for verification of transactions. The purported solution enables validation without revealing the contents on the Corda blockchain, thus safeguarding the privacy and security of its participants.

In regards to cryptography, ZKP facilitates corroboration between two parties without divulging any information. The proof-of-concept based on ZKP verifies that a secret number is within known limits, without revealing it.

Researchers from MIT and the University of Toronto define the concept of ZKP as a way of validating the correctness of the information and conveying no additional information.

Thus, according to ING, ZKP could potentially proliferate blockchain acceptance rates by addressing two of its most challenging issues, security, and privacy, and invalidate the need to set up expensive and time-consuming private networks.

Manasee Joshi

Manasee Joshi

An avid reader and an enthusiastic writer, Manasee recently chose to dedicate her time doing freelance writing. A degree in English literature and experiences in Administration, HR, finance, literature, creativity and innovation tucked under her belt, she crafts engaging and compelling content for crypto and blockchain audience.

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