QEDIT, an Israeli blockchain
startup specialised in information privateness, has introduced the official product launch
of QEDIT Asset Transfer, an enterprise resolution for sustaining information
confidentiality for large-scale worth transfers on blockchain networks. The
resolution was launched on Tuesday at Consensus, one of many world’s largest
blockchain annual occasion happening this week in New York.
QEDIT Asset Transfer permits enterprises to switch
possession of blockchain belongings with out revealing the confidential transaction
particulars together with the client, the sender and the transferred quantity, all of the
whereas guaranteeing regulatory compliance in accordance with custom-defined enterprise
The resolution ensures that when possession of an asset is transferred,
the zero-knowledge proof protocol can attest to the validity of the transaction,
ensuring that the asset does exist and is owned by the sender, that the sender
is permitted to switch the possession, and that there is no such thing as a double spending
of the asset.
It might be applied on any blockchain infrastructure, whether or not that’s Ethereum, Corda, Quorum, Hyperledger, or Stellar.
QEDIT’s monetary companions use the expertise to calculate
an correct credit score scoring based mostly on personal information, with out accessing the personal
Jonathan Rouach, CEO and co-founder of QEDIT, mentioned the
launch of the QEDIT Asset Transfer was “the fruits of our tireless efforts
to offer a confidential and regulatory-compliant method for enterprises to switch
possession of digital items.”
“After the introduction of GDPR almost one yr in the past, firms
have been grappling with the realities of a extra convoluted regulatory
surroundings, specifically for applied sciences akin to blockchain the place information is
managed by a number of events. QEDIT helps enterprises make use of distributed ledgers
and enterprise blockchain architectures whereas complying to a tightening
regulatory surroundings on personal information administration,” Rouach mentioned.
The launch of QEDIT Asset Transfer comes on the heels of the
firm’s closure of a US$10 million Series A funding spherical. The spherical was led by
MizMaa Ventures with participation from Ant Financial, RGAX, Meron Capital,
Collider Ventures, Jovono and Target Global.
QEDIT mentioned that it’s going to even be exploring
collaborations with Chinese fintech large Ant Financial, software program agency VMware,
and RGAX, a subsidiary of Reinsurance Group of America (RGA), to discover
functions of its privateness options of their respective industries.
Founded in 2016 by a crew of blockchain specialists and entrepreneurs, QEDIT has developed the Zero-Knowledge Blockchain (ZK Blockchain). ZK Blockchain combines zero-knowledge proof cryptography and enterprise blockchain to unravel the coordination between actors in the identical trade, eliminating the need of sharing their confidential information.
“Companies have been looking for the right steadiness of
preserving delicate information whereas additionally partaking in wholesome data-driven
collaborations with different entities which are mutually useful,” Rouach mentioned.