Samsung SDS uses zero-knowledge proof technology to provide high-level privacy protection for its blockchain platform users

According to Cointelegraph, on November 15th, Samsung SDS, the IT arm of technology giant Samsung, has integrated QEDIT's Zero Knowledge Proof Solution (ZKP) into its blockchain products.

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A press release on November 14th showed that Samsung SDS intends to provide a higher level of privacy protection for its corporate blockchain platform, Nexledger, by using zero-knowledge proof technology.

In order to apply this technology, Samsung SDS and Israel's privacy enhancement technology provider QEDIT signed a memorandum of understanding in Seoul. The statement said the agreement was signed by Jeanie Hong, senior vice president of Samsung's blockchain division, and Jonathan Rouach, CEO and co-founder of QEDIT.

QEDIT's protocol is based on ZCP encryption technology, which allows parties using the enterprise blockchain to record and verify transactions on shared books without the need to disclose confidential data.

QEDIT's private asset transfer solution enables interbank digital payments to become private payments, while regulators and trading institutions can selectively disclose certain details of the transaction.

Hong said:

QEDIT's proprietary asset transfer solution performed exceptionally well in a series of rigorous tests and trials we conducted. The QEDIT team has consistently demonstrated the ability to extend zero-knowledge proof encryption based on blockchain, and we demonstrate a deep understanding of the challenges facing the enterprise from a privacy perspective.

QEDIT's technology has been adopted by major global companies

Prior to working with Samsung SDS, QEDIT had a similar agreement with other large multinational companies including the Big Four accounting firm Deloitte. In October 2019, the CTO of the blockchain lab in Deloitte Europe, Middle East and Africa pointed out that QEDIT's ZCP solution ensures that organizations can trust the authenticity of their qualifications while maintaining data privacy and compliance.

Cointelegraph also reported that in mid-September 2019, Kaleido, a corporate blockchain startup owned by Zhongxin International, became the first company to implement ZCP solutions.