BBVA Bank, Spanish State-Backed Institute To Study Zero-Knowledge Proofs for User Data

BBVA is ramping up its research of Zero Knowledge Proofs, including the obstacles towards its broader adoption.

The Banco Bilbao Vizcaya Argentaria (BBVA), a multinational bank based out of Spain has partnered with a state-backed research centre IMDEA Software Institution to study in detail the advanced use of cryptography in the financial domain.

In a press release dated May 4th, the combined research would look to develop various prototypes that can be readily incorporated into different products and services offered by BBVA.

The main focus of research would be exploring different use cases of Zero-Knowledge Proofs (ZKPs) as well as advanced cryptographic techniques. The partnership would see both the parties leveraging the technologies developed by each other to ensure quicker innovation and timely results.

The collaboration between the two parties would also work on ensuring data privacy so that the data shared between two parties cannot be access by any unauthorized third-party. IMDEA’s Antonio Faonio noted that:

“Until recently, these cryptographic techniques were only of interest on a theoretical level. In recent years, we have seen enormous advances that could make them applicable to some practical scenarios.”

Zero-Knowledge Proof One of the Key Area of Research

Since privacy and data sharing will be one of the key areas of research, the research would be focused on finding different use cases of Zero-Knowledge Proofs (ZKPs), a privacy centred protocol.

ZKPs is a privacy protocol, which allows the transfer of data from one party to another without the sender having to know what the data actually is.

The first stage of the research would be finding the various hurdles to the larger adoption of ZKP protocol like the lack of a common standard for integrating the protocol in different systems. Both the involved parties believe they have done extensive research on ZKPs protocols which can help them explore and overcome current hurdles in its adoption.

BBVA’s head of research and patents, Carlos Kuchkovsky noted that the ongoing coronavirus pandemic has highlighted the need and benefits of data privacy. He explained,

“There is a growing need to develop technological solutions that allow us to protect the information we share when consuming digital services in our everyday lives. This need has become even more tangible as a result of the COVID-19 crisis, which is demonstrating the need for robust data protection systems given the growing number of cyber-attacks and the use of apps that register users’ data to track the disease, which has emerged in some countries.”

ZKPs protocol was primarily used for privacy coins, however as its features and solution became more mainstream, it has gained among many enterprises looking to safeguard sensitive data from third-parties while interacting with them over their network.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lillian Peter
Lillian Peter
Lillian P has a knack for anything that teases the mind, with a keen interest in the blockchain technology, cryptocurrencies, and anything in between. Can bring to life the most difficult and boring concepts in the blockchain space. Lillian is a brilliant writer working with various publications.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Justin Sun's P2P Streaming Service Acquires eSports Platform DLive; Now Launches BitTorrent X Ecosystem

BitTorrent Inc, the popular peer-to-peer data sharing protocol and app, has acquired the well-known decentralized streaming platform DLive. The firm also announced that it...

DeFi Growth & Stablecoin Surge Most Bullish Crypto Development: DCG State of Crypto 2020 Survey

39% of the respondents that involve 150 portfolio companies see DeFi as the most bullish crypto development of 2020, as per the DCG Founders...

Non-Custodial Bitcoin Exchange, Hodl Hodl, Launches Lending Service Without KYC

Hodl Hodl, a non-custodial Bitcoin exchange, is launching a KYC-free lending product for its customers. The exchange claims that its lending product would be...

Total Value Locked in Harvest Finance Surpasses $1 Billion, Up 366,200% Since September

Decentralized platform Harvest Finance that provides users a way to farm assets for the highest yields now has more than a billion dollars in...

Strong Institutional Demand for Bitcoin, CME Becomes Second Largest BTC Futures Market

Bitcoin's price made a big shift this week as the bulls gained control of the market and pushed it past $13,000. A similar shift has...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today