Mandala uses zero-knowledge proofs (ZK-proofs) to enable participating banks to process transactions in compliance with specific regulations. The system processes the necessary data for transaction compliance through a dedicated peer-to-peer messaging network between the parties, enabling automatic compliance checks against relevant policies. Zero-knowledge proofs allow parties to audit transactions while preserving data privacy by keeping transaction details confidential.

Might interest you: What is BabyDoge?

BIS is optimistic about the early results of the project. Maha El Dimachki, Head of BIS Innovation Centre Singapore, said Mandala is playing a pioneering role in improving cross-border payments without compromising privacy with its “compliance by design” approach.

You can join our Telegram channel to not miss the news and stay informed about the crypto world.

The post BIS Could Move to a Supervisory System Using ZK Technology appeared first on Coin Engineer.