{"id":31523,"date":"2024-10-28T19:00:02","date_gmt":"2024-10-28T16:00:02","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=31523"},"modified":"2024-10-28T16:49:52","modified_gmt":"2024-10-28T13:49:52","slug":"bis-could-move-to-a-supervisory-system-using-zk-technology","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bis-could-move-to-a-supervisory-system-using-zk-technology\/","title":{"rendered":"BIS Could Move to a Supervisory System Using ZK Technology"},"content":{"rendered":"<p>The Bank for International Settlements (<strong>BIS<\/strong>) aims to automate compliance audits for cross-border transactions with Project Mandala. The project is the product of a collaboration between central banks from many countries, including the Reserve Bank of Australia, the Bank of South Korea, the Reserve Bank of Malaysia and the Monetary Authority of Singapore (MAS), and aims to contribute to the G20\u2019s goals of improving cross-border payments. The project has reached the proof-of-concept stage as of October 28.<\/p>\n<p>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.<\/p>\n<p><em>Might interest you: <a href=\"https:\/\/coinengineer.net\/blog\/what-is-babydoge\/\">What is BabyDoge?<\/a><\/em><\/p>\n<p>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 \u201ccompliance by design\u201d approach.<\/p>\n<hr \/>\n<p><em>You can join our <strong><a href=\"https:\/\/t.me\/coinengineernews\">Telegram<\/a> <\/strong>channel to not miss the news and stay informed about the crypto world.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank for International Settlements (BIS) aims to automate compliance audits for cross-border transactions with Project Mandala. The project is the product of a collaboration between central banks from many countries, including the Reserve Bank of Australia, the Bank of South Korea, the Reserve Bank of Malaysia and the Monetary Authority of Singapore (MAS), and<\/p>\n","protected":false},"author":6,"featured_media":31525,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[1553,9150,9151],"class_list":["post-31523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-bis","tag-bis-crypto","tag-bis-zk"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BIS Could Move to a Supervisory System Using ZK Technology - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bis-could-move-to-a-supervisory-system-using-zk-technology\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BIS Could Move to a Supervisory System Using ZK Technology - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"The Bank for International Settlements (BIS) aims to automate compliance audits for cross-border transactions with Project Mandala. The project is the product of a collaboration between central banks from many countries, including the Reserve Bank of Australia, the Bank of South Korea, the Reserve Bank of Malaysia and the Monetary Authority of Singapore (MAS), and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coinengineer.net\/blog\/bis-could-move-to-a-supervisory-system-using-zk-technology\/\" \/>\n<meta property=\"og:site_name\" content=\"Coin Engineer\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-28T16:00:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-28T13:49:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/10\/bis-1-1024x576.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coinengineer.net\/blog\/bis-could-move-to-a-supervisory-system-using-zk-technology\/\",\"url\":\"https:\/\/coinengineer.net\/blog\/bis-could-move-to-a-supervisory-system-using-zk-technology\/\",\"name\":\"BIS Could Move to a Supervisory System Using ZK Technology - 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