Announcement Follows Recent Deployment of QEDIT’s Privacy-Enhancing Technology in Tradeshift and Deloitte Platforms
QEDIT, a Privacy-Enhancing Technology provider, has announced a partnership with Samsung SDS, a global leader in digital transformation. The partnership, agreed under a Memorandum of Understanding, will promote the integration of QEDIT’s private asset transfer solution in Samsung SDS’s Nexledger blockchain.
Jonathan Rouach, CEO and Co-founder of QEDIT, signed the official document in Seoul, South Korea, along with Jeanie Hong, Senior Vice President, Leader of Blockchain Center at Samsung SDS — Korea’s largest IT solutions service provider.
This comes following the successful implementation of QEDIT’s private asset transfer solution in the Nexledger blockchain. QEDIT’s private asset transfer solution enables digital payment with financial privacy among banks when assets are transferred. Auditing tools for the selective disclosure of transactions are available to regulatory and supervisory institutions.
Jonathan Rouach, CEO and Co-founder of QEDIT, said, “When we launched our enterprise solution for preserving the privacy of value transfers on the blockchain, our vision was to work alongside industry leaders in delivering a confidential and regulatory-compliant avenue for companies to transfer ownership of digital assets. Today’s announcement is testament to that vision coming to fruition, and we are thrilled to partner with Samsung SDS.”
Jeanie Hong, Senior Vice President, Leader of Blockchain Center at Samsung SDS said, “The performance of QEDIT’s private asset transfer solution has been exemplary during the rigorous series of testing and trials we conducted. 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.”
QEDIT’s protocol utilizes zero-knowledge proof cryptography to allow parties employing enterprise blockchains to record and authenticate the transfer of assets on a shared ledger without revealing any underlying, confidential information. Network members can verify the integrity of the proofs, but they cannot see who sent what, or how much, to whom. QEDIT also offers tools for auditors to enable regulatory compliance.
Ruben Arnold, Co-founder of QEDIT, added, “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.”