Blockchain privacy solutions firm QEDIT has signed a Memorandum of Understanding (MoU) with Samsung SDS, the Internet technology solutions unit of Samsung Group.
Founded in 2016, QEDIT helps businesses accelerate trust with Zero-Knowledge Blockchain, a protocol which combines enterprise blockchain with Zero-Knowledge Proof cryptography. The company allows clients to can keep their data private and at the same time share proofs about these data with partners, and even with competitors in their ecosystem. It also enables running audit queries, such as credit and risk scoring, without revealing the underlying private data used to calculate the score.
Established in 1985, Samsung SDS provides information technology services, including consulting services, technical services, and outsourcing services. It has been expanding its business area by investing on research and development (R&D) and emerging IT technologies such as blockchain, AI, IOT and Engineering Outsourcing. In 2017, the firm developed its enterprise blockchain platform Nexledger, which allows companies to provide various transactional services. The platform has been implemented in various fields, such as finance, manufacturing, logistics, and the public sector.
Under the agreement, the two firms will promote the integration of QEDIT’s private asset transfer solution in Samsung SDS’ 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.
“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,” said Jonathan Rouach, CEO and Co-founder of QEDIT. “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 that the performance of QEDIT’s private asset transfer solution has been exemplary during the rigorous series of testing and trials they 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,” Hong said.
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