Banco Bilbao Vizcaya Argentaria (BBVA), a multinational bank based in Spain, has announced a partnership with the Madrid-based research center IMDEA Software Institutionto investigate Zero Knowledge Tests (ZKP) along with other “advanced cryptographic techniques”.
Both companies will use their technologies and research results freely to drive innovation as quickly as possible.
BBVA plans to offer crypto-based products
As part of the association, the institutions will investigate various applications of crypto in the context of the financial sectorThis includes ways to ensure that data shared across a network is not vulnerable to third parties.
A press release dated May 4 shows that the investigation will also focus on this “Developing viable prototypes that can be integrated into the digital products and services offered to BBVA customers”.
Until recently, these cryptographic techniques were only of theoretical interest, “said IMDEA’s Antonio Faonio.” We have made tremendous progress in recent years that could make it applicable to some practical scenarios. “
Zero knowledge tests are an important area of research
Institutions describe technologies like ZKP as “Key to creating digital data-driven solutions that protect the privacy and security of user data“”
The first phase of project research will focus on current obstacles that prevent the further introduction of ZKPs., including the challenges of integrating zero-knowledge tests into existing communication systems and the lack of common standards for the use of cryptographic protocols.
Both organizations state that they have carried out extensive research and have considerable experience in the ZKP area.
COVID-19 underlines the need for crypto solutions
BBVA claims that the coronavirus pandemic has highlighted the benefits of data protection technologies. both in the form of solutions for specific crisis-related challenges such as contact tracking applications and in the form of protection against increasing cyber attacks.
“It is becoming increasingly necessary to develop technological solutions to protect the information that we share in our daily lives when using digital services.”, said head of research and patents at BBVA, Carlos Kuchkovsky.
“This need has become even more tangible as a result of the COVID-19 crisis. This shows that, with the increasing number of cyber attacks and the use of applications from which data is being recorded, robust data protection systems are required to track the disease that has occurred in some countries “he added.
The company’s platforms include ZKPs
Originally manifested as the protocol that supports the privacy coinsThe business world has introduced zero knowledge tests to preserve confidential data while interacting with other entities on a network or blockchain.
Blockchain platforms for businesses include Microsoft Baseline Protocol, EY and ConsenSys, Royal Dutch Shell’s Applied Blockchain, and the recent exploration by a major Chinese technology company, Tencent.
Cointelegraph contacted BBVA for comment and received no response until the time of publication. The article will be updated accordingly.
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