Banking News Technology

Deloitte blockchain adopts QEDIT zero-knowledge proof privacy tech

blockchain security

Today, technology provider QEDIT announced that it has integrated its privacy solution with Deloitte’s blockchain. Deloitte’s Eduscrypt credentials platform now uses zero-knowledge proof (ZKP) technology to maintain the privacy of sensitive information.

QEDIT built the ZKP solution to allow enterprises to utilize data such as asset transfer records and identities on a blockchain, without revealing private information. The protocol enables stakeholders to provably verify individual facts while keeping sensitive data confidential.

In the case of Deloitte’s Eduscrypt, a firm can now validate its employee’s qualifications without seeing when or where it was earned. The platform uses blockchain as a source of trust for these qualifications, which further means authentication is more efficient and reliable. With ZKPs, it can now easily achieve regulatory compliance and secure private information.

Antonio Senatore, CTO of Deloitte’s EMEA Blockchain Lab, summarized this: “Academics and enterprises both stand to benefit hugely from leveraging blockchain technology — for most organisations validating, managing and recording the education qualifications of staff and prospective hires can be a very onerous and costly process, with regulatory fines for non-compliance.”

“Integrating QEDIT’s Zero-Knowledge Proof privacy solution ensures that organisations can trust in the authenticity of qualifications, while preserving the full privacy of the underlying data, and upholding regulatory compliance,” he explained.

Today’s news was revealed at the firms’ ZKP community event in Amsterdam, held in association with the ZKProof standards initiative. Apart from Deloitte, QEDIT boasts partnerships with VMware and Chinese giant Ant Financial.

CEO and Co-founder of QEDIT, Jonathan Rouach, said, “The integration of QEDIT’s privacy solution into Deloitte’s Eduscrypt platform is yet another tangible use-case, demonstrating the far-reaching potential of [ZKP] cryptography to transform processes across a myriad of industries.”

He added: “Working alongside a global giant like Deloitte marks another milestone moment for us as we move to accelerate enterprise adoption of blockchain technology.”

ZKPs are gaining traction in the blockchain space. Big financial players, including EY and ING, are developing their own solutions, while Hyperledger has the dedicated Avalon project. Yesterday, Dutch startup Circularise won a place in an accelerator for its ZKP product information protocol.

Apart from ZKPs, multi-party computation is one of the most popular blockchain privacy methods. Interestingly, QEDIT partner VMware has also adopted a multi-party privacy solution by Sepior.


Image Copyright: sarayut / BigStock Photo