Cryptocurrency company Ripple believes the technology behind digital currencies “can have a much wider impact on the financial industry,” MIT Technology Review reports. Ripple “had some success persuading banks to use its cryptocash to speed up money transfer,” the report states, and is now “building a system that uses some similar cryptographic tricks to improve the way financial companies check the identity of their customers.” Ripple’s system uses personal information “to generate a unique cryptographic token,” the report states, which banks then send to data brokers that have their own tokens—“made using your personal information at an earlier time”—allowing the data to be confirmed as correct “without either the bank or the broker ever revealing the data itself.” Editor’s Note: Privacy Tech recently featured the post, “A Privacy Engineer’s Analysis of Bitcoin.”
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