Blockchain News: QEDIT Launches Asset Transfer Enterprise Solution for Preserving Data Privacy on Blockchain
QEDIT's Zero-Knowledge Proof based product launched at Consensus in New York
New York and Tel Aviv, Israel - May 14, 2019 (Investorideas.com Newswire) QEDIT, an enterprise solution for preserving data privacy using Zero-knowledge proofs, has today announced the official product launch of QEDIT Asset Transfer (QAT), providing an enterprise solution for maintaining data confidentiality for large-scale value transfers on the blockchain. QEDIT recently announced the closure of its investment round at $10 million USD.
Jonathan Rouach, CEO and Co-founder of QEDIT, said, "The launch of QEDIT Asset Transfer represents the culmination of our tireless efforts to provide a confidential and regulatory-compliant way for enterprises to transfer ownership of digital goods, and follows our launch events in Tel Aviv, Davos, Berlin, Paris, and San Francisco since the turn of the year. After the introduction of GDPR nearly one year ago, companies have been grappling with the realities of a more convoluted regulatory environment, in particular for technologies such as blockchain where data is managed by several parties. QEDIT helps enterprises employ distributed ledgers and enterprise blockchain architectures while complying to a tightening regulatory environment on private data management."
QEDIT's Asset Transfer solution ensures that when ownership of an asset is transferred, the Zero-Knowledge Proof protocol can attest to the validity of the transaction, without sharing transaction details. The protocol ensures that the asset indeed exists and is owned by the sender, the sender is authorized to transfer the ownership, and there was no double spending of the asset. The process also ensures the total amount of the asset was preserved as part of the transaction and no new assets were created in the process. Additionally, it can be proven that the ownership was transferred to the new owner and the type of the asset was maintained in the transfer process.
The QEDIT protocol, based on zero-knowledge proof cryptography can be built on top of any public or permissioned blockchain. QEDIT's privacy solution also helps banks to ensure confidentiality when transferring assets on decentralized networks, and also enables companies to set up supply chain management systems with their whole ecosystem, while preserving confidentiality.
"Companies have been trying to find the perfect balance of preserving sensitive data while also engaging in healthy data-driven collaborations with other entities that are mutually beneficial. Companies no longer need to compromise on this front, as we introduce a viable solution that will enable high level cross-sectoral and cross-enterprise collaboration. Today we are excited to officially launch QEDIT's enterprise-ready solution to address the long-standing privacy issues that have hindered adoption of blockchain at enterprise level globally," concluded Rouach.
For more information, visit https://qed-it.com/.
QEDIT was founded by a team of highly specialised, world-renowned experts in blockchain and cryptography, including Jonathan Rouach, Professor Aviv Zohar and Ruben Arnold, who spotted two conflicting trends in the market — companies have confidential data that they wish to protect for business or compliance and legal reasons, but also wish to share it to enhance collaboration. Jonathan Rouach and Ruben Arnold previously co-founded Bits of Gold, the leading bitcoin exchange in Israel. Ruben Arnold is a former McKinsey consultant. Aviv Zohar is a Professor at the School of Engineering and Computer Science at the Hebrew University, Jerusalem. QEDIT is the first company overcoming this tension by using Zero-Knowledge Blockchain for enterprises. More specifically, QEDIT allows for collaboration based on confidential information without exposing the underlying data. By generating proofs for all, but data for no one, Zero-Knowledge Blockchain acts as a trust accelerator among companies that wish to collaborate based on data that cannot be shared. For more information, please visit https://qed-it.com/.
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