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Samsung SDS, an IT subsidiary of South Korean tech giant Samsung Group, has signed a Memorandum of Understanding (MOU) with blockchain privacy solutions startup QEDIT.
The partnership will see the companies integrating QEDIT’s private asset transfer solution in Samsung SDS’s Nexledger blockchain.
QEDIT’s private asset transfer solution enables digital payment with financial privacy among banks when assets are transferred. Utilizing on zero-knowledge proof (ZKP) cryptography, it allows parties employing enterprise blockchains to record and authenticate the transfer of assets on a shared ledger without revealing any underlying, confidential information.
This essentially means that while network members can verify the integrity of the proofs, they cannot see who sent what, or how much, to whom. QEDIT also offers tools for auditors to enable regulatory compliance.
“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 a testament to that vision coming to fruition, and we are thrilled to partner with Samsung SDS,” Jonathan Rouach, CEO and Co-founder of QEDIT, said.
First announced in 2017, Nexledger is an enterprise blockchain platform that empowers organizations to take control of distributed transactions securely and conveniently. The platform has been implemented in various fields such as finance, manufacturing, logistics, as well as the public sector. In April, Samsung SDS announced the launch of Nexledger Universal, the next version of Nexledger.
Jeanie Hong, Senior Vice President, Leader of Blockchain Center at Samsung SDS, revealed that they conducted a series of testing and trials of QEDIT’s private asset transfer solution, adding that the solution’s performance has been exemplary.
“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 added.
This announcement follows the successful deployment of QEDIT’s privacy-enhancing technology in Tradeshift and Deloitte platforms.
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