BBVA and a state-backed research center in Spain have launched a partnership to explore advanced cryptography for financial services.
The Banco Bilbao Vizcaya Argentaria (BBVA), a multinational bank headquartered in Spain, has announced a partnership with Madrid-based research center IMDEA Software Institution to explore zero-knowledge proofs (ZKPs) alongside other “advanced cryptographic techniques.”
Both entities will freely utilize each other's technologies and research to drive innovation as quickly as possible.
BBVA plans to offer products based on cryptography
The partnership will see the institutions research a number of applications for cryptography in the context of the financial sector, including ways to ensure that data shared within a network is not vulnerable to exposure to third parties.
A May 4 press release reveals that the research will also look at “the development of viable prototypes that can be incorporated in the digital products and services offered to BBVA customers.”
Until recently, these cryptographic techniques were only of interest on a theoretical level,” said IMDEA’s Antonio Faonio.