Samsung SDS, the IT subsidiary of South Korea’s tech giant Samsung, has ramped up the level of privacy of its Nexledger Blockchain with the integration of QEDIT’s zero-knowledge proof (ZKP) technology.
In a press release, Samsung SDS revealed that it has partnered with privacy tech firm QEDIT to be able to store and verify assets transfers on a shared ledger without compromising confidential information.
It’s common knowledge in the industry that one of the significant factors that hindrance the massive adoption of DLT (distributed ledger technology) is associated with data security. Notably, during a transaction, DLT broadcasts the details to a network that puts sensitive information at risk of being exposed to the industry’s bad players.
QEDIT’s zero-knowledge proof, by definition, is a cryptographic method that can verify data without revealing any further details about it. Big companies such as ING and JPMorgan Chase have already employed this solution to safeguard sensitive data from malicious viewers.
According to some accounts, ZKPs often cause some protocols to malfunction since they require a massive amount of computing power. However, according to the chief of Samsung SDS’ Blockchain Center, Jeanie Hong, the firm is exceptionally amazed at how QEDIT’s privacy solution has performed during testing. There had been a series of trials, and all results were exemplary. QEDIT developers have perfected the art of scaling ZKP cryptography in Blockchain space, Hong emphasized.
Jonathan Rouch, the co-founder and CEO of QEDIT, confidently stated that the company’s iconic privacy solution would bring Samsung SDS with significant benefits particularly in areas of supply chain and banking.