ING Bank Devises Privacy Fix for R3’s Corda Blockchain-

ING Bank Devises Privacy Fix for R3’s Corda Blockchain

Hi Guys, in this post, let us see how ING BANK has added up extra privacy to the existing R3 Corda blockchain structure/mechanism.

As an inbuilt feature, the nodes (Computers) across the blockchain network shall verify and validate the transactions.

Most of the blockchain networks broadcast data among all the participating nodes.

Whereas R3 has designed Corda to control data and limit the amount of information that needs to be shared to nodes.

The architecture of R3 Corda nodes can be classified into 2 types -

Validating notaries & Non-validating Notaries

Validating notaries - which can view transactions to check they are legit, non-validating notaries which have no such visibility but instead just keep a record. (They will not perform validation but only keeps a record)

The option of going with the Non-validating nodes is not much secure and any malicious intention party can take advantage

The ING innovation –

ING has applied zero-knowledge proofs, which can prove something is true without revealing any information about it.

This allows transactions to be verified without specific knowledge of their inside contents. Thus ensures more Privacy to users of the network

This new concept proves to be FAST, secure invalidating, Ensured much more privacy for parties using this R3 Block-chain network.

Source - Coindesk

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