The Banco Bilbao Vizcaya Argentaria, BBVA which is a multinational bank has partnered with IMDEA Software Institute. IMDEA is a research centre based in Madrid. The major purpose of this partnership is to explore zero-knowledge proofs (ZKPs). Not only this, but they will also explore a lot of advanced crypto techniques. Both the organisation will be using each other’s research skills and technologies in order to invent new things.
BBVA will be offering new cryptography-based products
This partnership between BBVA and IMDEA will look towards a huge number of cryptography-based applications which are for the financial sector. On the other hand, it will also secure the data and finish its vulnerability so that it won’t be exposed to the third parties.
It has also been released that through the research that will be provided by the institute, a lot of digital products will be developed. All these digital products based on cryptography will be made available to the customers of BBVA. Antonio Faonio of IMDEA has said that over the years, the institute has researched various cryptographic techniques. Now, through this partnership, these techniques will be applied to a practical scenario which will show its enormous advantages.
ZKPs is a key to provide data-based digital solutions
It has also been specified by the institution that ZKPs is going to play a major role while providing digital solutions based on data. This will be there to protect the privacy and secure the user’s data. In this project, the research will also look towards all those barriers that prevent the adoption of ZKPs.
It has also been specified by BBVA that due to the coronavirus pandemic, the world is trying to go digital as much as possible. Due to this, there is a high need for tools that will help you to protect the privacy of your data and in order to prevent cyber attacks.
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