Today, privacy tech firm QEDIT announced its partnership with Samsung SDS for private blockchain transactions. The companies have successfully integrated QEDIT’s zero-knowledge proof (ZKP) privacy solution in Samsung SDS’s blockchain, and will use it for authenticating asset transfer without revealing confidential information.
Korean Samsung SDS offers cross-industry solutions on its Nexledger blockchain, launched in 2017. It has worked with Korean customs, ABN AMRO for trade finance project DELIVER, and more recently with Tech Mahindra and Pega for robotic process automation (RPA). The $11.8 billion revenue firm developed Accelerator technology which speeds up Hyperledger Fabric.
Now, it has adopted a ZKP privacy solution. The cryptographic technology allows network members to verify that an asset transfer has taken place, but without seeing who was involved or the transaction value. ZKPs for financial blockchain applications have gained considerable traction.
Ruben Arnold, Co-founder of QEDIT, explained: “Privacy-enhancing technologies like zero-knowledge proofs have a stellar record of success when it comes to protecting sensitive data. They will be as important to enterprise as cybersecurity solutions were in the last decade.”
And it looks like Samsung SDS was impressed with QEDIT’s technology. “The performance of QEDIT’s private asset transfer solution has been exemplary during the rigorous series of testing and trials we conducted,” said Jeanie Hong, SVP and head of the firm’s Blockchain Center.
She continued: “The QEDIT team has consistently demonstrated the ability to horizontally scale ZKP cryptography in a blockchain environment, and has shown a deep appreciation of the challenges confronting enterprises from a privacy perspective.”
The firms signed a Memorandum of Understanding to promote the ZKP integration, which will enable the protection of sensitive information for financial institutions while utilizing blockchain technology. Additionally, QEDIT offers auditing tools to maintain regulatory compliance.
Just two weeks ago, QEDIT integrated its ZKP solution into Deloitte’s blockchain credentialing platform, so employers can validate qualifications without seeing when or where they were earned. It has also worked with Tradeshift on a similar supply chain privacy project.