Samsung SDS to Use Zero-Knowledge Proofs on Business Blockchain
Samsung SDS partnered with Israeli privacy-enhancing tech firm QEDIT to provide more privacy for its enterprise blockchain Nexledger.
Samsung SDS, the IT arm of tech giant Samsung, has integrated QEDIT’s zero-knowledge proof solution (ZKP) to its Nexledger blockchain. By applying ZKP, Samsung SDS intends to provide a higher level of privacy for users of its enterprise blockchain platform Nexledger, QEDIT said in a press release on Nov. 14.
To apply the technology, Samsung SDS has signed a memorandum of understanding with Israeli privacy-enhancing technology provider QEDIT in Seoul. According to the announcement, the agreement was signed by Jeanie Hong, senior VP at Samsung SDS’ blockchain division, and Jonathan Rouach, CEO and co-founder of QEDIT.
Based on ZCP cryptography, QEDIT’s protocol is designed to allow parties employing enterprise blockchains to record and authenticate transactions on a shared ledger without disclosing confidential data.
Specifically, QEDIT’s private asset transfer solution makes digital payments between banks private when they are transferred, while regulators and institutions can selectively disclose certain details about transactions. Hong 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 tech has already been deployed by major global firms
Prior to partnering with Samsung SDS, QEDIT has made similar agreements with other major global firms, including Big Four auditing firm Deloitte. Following an agreement announced in late October 2019, the CTO at Deloitte’s EMEA Blockchain Lab noted that QEDIT’s ZCP solution ensures that organizations can trust the authenticity of qualifications while maintaining data privacy and regulatory compliance.
As reported by Cointelegraph, ConsenSys’s enterprise blockchain startup Kaleido became the first firm to implement QEDIT’s ZCP solution in mid-September 2019.