Samsung SDS Partners with QEDIT for Private Blockchain Transactions
On Nov 14, tech firm, QEDIT announced a partnership with IT supporter of tech giant company Samsung, the Samsung SDS for private blockchain transactions. Samsung SDS has merged QEDIT’s zero-knowledge proof solution (ZKP) to its Nexledger blockchain. With the application of ZKP, Samsung SDS aims to offer a greater level of privacy for the users of its blockchain platform Nexledger.
To utilize the technology, Samsung SDS has signed a memorandum of understanding with QEDIT in Seoul to encourage ZKP integration. The Senior Vice President of Samsung SDS’s blockchain division, Jeanie Hong and CEO and Co-establisher of QEDIT, Jonathan Rouach signed the agreement, as per the press release.
QEDIT’s ZCP cryptographic protocol is developed to enable parties employing enterprise blockchain to authenticate asset transfer without revealing private data.
Co-founder of QEDIT, Ruben Arnold detailed:
“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 the enterprise as cybersecurity solutions were in the last decade.”
Particularly, QEDIT’s private asset transfer solution privatizes digital payments between banks when they are transferred. While the regulators and institutions can reveal selective details regarding transactions. SVP at Samsung SDS, Jeanie Hong said:
“The performance of QEDIT’s private asset transfer solution has been exemplary during the rigorous series of trials we conducted. The QEDIT team has consistently demonstrated the ability to horizontally scale ZKP cryptography in a blockchain environment. And it has shown a deep appreciation of the challenges confronting enterprises from a privacy perspective.”
QEDIT’s technology Has Already Been Implemented by Global Companies
Before the recent partnership with Samsung SDS, QEDIT had signed similar kind of agreements with various global firms. Those firms are inclusive of Big Four auditing company, Deloitte too. The agreement was announced a few weeks ago in October 2019. After that, CTO at Deloitte’s EMEA Blockchain Lab stated that QEDIT’s ZCP solution ensures the authenticity of qualifications while managing data privacy and regulatory compliance.
As the source reported, ConsenSys’s enterprise blockchain firm, Kaleido became the first company that implemented QEDIT’s ZCP solution in the mid of September 2019.