Netherland-based ING bank brought a remedy for Corda distributed ledger, which was built by R3. Corda users were facing a security trade-off issue solved by the bank. To verify the uniqueness of transactions and prevent double-spending, their team applied zero-knowledge proofs, which helps prove something to be true except revealing any information about it. Corda is designed in such a manner that control data and limit the amount of information that needs to be shared. Two kinds of services are offered by the Corda notary service to give choice either by using validating notaries, ensure security or non-validating notaries, prevent a security weakness.
Usage of trade finance
ING is about to start using Corda for business. A number of Corda apps it has invested in will soon see the light of day. These are depending on the non-validating notary. Meanwhile they started to notice some edge cases which mean one party could attempt to spend some working capital and be denied. With an eye to having a solution to the issue, the bank needs to start going to court and begin running the physical world processes.
ZKP, is not the only way of resolving the security trade-off, transactions sent to Corda that take less time to verify than regular transactions. But where the ING’s proposed solution will be applied is unknown. The majority of CorDapps rely on non-validating notary and all CorDapps that ING plans to commence using in production do. R3 also tried to modify intel’s SGX to deal with the requirements of the open source blockchain platform (Corda). Using enterprise versions of ethereum like Quorum, ING worked on a range of variations of ZKPs.