"Every transaction on the XRP Ledger has always been fully transparent. The details of the transaction amounts, senders, and receivers are all visible to anyone. For regular users that's fine, but for banks settling billions in cross-border payments, it's sort of a dealbreaker."
"Zero-knowledge proofs make that possible by letting one party confirm a statement is true without revealing the data behind it. This technology allows institutions to confirm transaction validity without disclosing amounts, senders, or receivers."
"Banks need to prove a payment is legitimate without showing how much was sent, who sent it, or who received it. The proof confirms the transaction is valid, funded, and compliant, but the details stay hidden."
The XRP Ledger has introduced zero-knowledge proof integration, addressing privacy concerns for banks involved in cross-border payments. This technology allows institutions to confirm transaction validity without disclosing amounts, senders, or receivers. Ripple's CTO acknowledged previous compliance issues due to transparency on the ledger. With the new privacy layer, banks can conduct necessary verifications, including KYC and sanctions screening, while keeping transaction details confidential. This advancement is crucial for institutions like SBI Holdings and Guggenheim Treasury Services, enabling them to utilize the XRPL without exposing sensitive financial information.
Read at 24/7 Wall St.
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