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Blockchain privacy solutions startup QEDIT has partnered with Tradeshift, a cloud-based business network and platform for supply chain payments, marketplaces, and apps.
Under the partnership, the companies plan to implement QEDIT’s privacy solution to create a new type of competitive marketplace that proves the quality of the assets to financiers, while preserving the full privacy of the transactions of participating companies.
Currently, the requirements to share sensitive information prevent companies from requesting finance from bidders in a truly competitive market.
QEDIT leverages zero-knowledge proof (ZKP) cryptography for enterprise blockchains to enable collaboration among competitors – parties can record and authenticate the transfer of assets on a shared ledger without revealing any underlying, confidential information such as who sent what, or how much, to whom. QEDIT also offers tools for auditors to enable regulatory compliance.
By employing this technology, QEDIT and Tradeshift will create a new category of trade finance marketplace where the privacy of participants’ assets can be retained while lowering the risk for the finance partners. This will help ensure access to high-quality financeable assets to financiers and cheaper, more accessible credit for companies.
“Providing affordable finance while protecting participants’ privacy is paramount. This is often a delicate balance, but with the technology provided by QEDIT, it’s no longer about just keeping a balance – it’s going beyond and putting privacy to the forefront to enable new data savvy marketplaces and financing models,” Gert Sylvest, Co-founder of Tradeshift and Head of the research and development unit, Tradeshift Frontiers said.
Underpinned by QEDIT’s privacy solution, the Tradeshift platform will provide financiers with meaningful business insights into relationships and transactions of companies without needing to share private data in order for them to participate in this marketplace. It enables financiers on the Tradeshift platform to submit bids for the finance requests in private, and also to avoid double-dipping finance fraud.
QEDIT and Tradeshift said that they are currently onboarding trial financiers that want to break ground in this new finance category.
“The QEDIT-powered marketplace, which will provide a zero-knowledge proof privacy layer on a permissioned-based blockchain, is useful in many business transactions and can be designed to open new revenue channels for financiers, and solve cash flow problems for small and medium-sized businesses. We invite financiers with an innovative mindset to join us in this exciting project,” Jonathan Rouach, CEO and Co-founder of QEDIT said.
QEDIT, which was recently recognized as a Technology Pioneer by the World Economic Forum, raised $10 million in a series A round led by MizMaa Ventures in May 2019. It is also working with VMware, Ant Financial, and RGAX (a subsidiary of RGA - Reinsurance Group of America) to explore applications of its privacy solution in their respective industries.
