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QEDIT, a company that provides zero-knowledge proof (ZKP) asset transfer technology to partners, today announced an alliance with Samsung SDS, a subsidiary of the South Korean tech giant, to implement its technology into Samsung’s Nexledger blockchain.
The Israeli startup’s protocol, which pairs zero-knowledge-proof cryptography with an enterprise blockchain, lets companies keep track of and authenticate private transfers without revealing any personal information. Network members can verify transactions without learning the sender, receiver, or amount transferred.
"QEDIT's private asset transfer layer will enable Samsung SDS to provide a scalable blockchain solution that accommodates the needs of enterprise in the modern world,” Jonathan Rouach, CEO and co-founder of QEDIT, told Decrypt. “Nowadays, companies across many verticals need to be able to engage in data-driven collaboration without leaking private information."
The company’s transfer protocol includes auditory tools for disclosure of selective transactions as mandated by auditors and regulators. QEDIT has previously provided its technology to companies such as Deloitte, Tradeshift, VMware, Ant Financial, and Reinsurance Group of America. Samsung SDS, a division of Samsung, is South Korea’s top provider of IT solutions services.
Nexledger is a blockchain platform designed for enterprise companies, with proposed use cases for digital payments, identity verification, and more. In April, Samsung announced a partnership with Tech Mahindra to offer the Nexledger platform to prospective clients in India, as well as globally.
“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, Senior Vice President and Leader of Blockchain Center at Samsung SDS. “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.”