QEDIT has officially launched its new product, QEDIT Asset transfer (QAT); an enterprise solution for maintaining data privacy for large-scale value transfers on the blockchain, leveraging Zero-knowledge proof (ZKP) technology. This product launch follows last week’s news that QEDIT will be partnering with VMware, Ant Financial, and RGAX to jointly market commercial offerings combining enterprise blockchains with zero-knowledge proofs. QEDIT recently announced the closure of its investment round at $10 million USD.
QEDIT was founded by a team of highly specialised, world-renowned experts in blockchain and cryptography. These include Jonathan Rouach, Professor Aviv Zohar and Ruben Arnold, who spotted two conflicting trends in the market. These trends were that 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.
QEDIT is the first company overcoming this tension by using Zero-Knowledge Blockchain for enterprises. QEDIT allows for collaboration based on confidential information without exposing the underlying data. 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.
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.”
The Transfer Asset solution by QEDIT ensures that the Zero-Knowledge Proof protocol is enabled when ownership of an asset is transferred, without sharing transaction details. The protocol ensure the existence of the asset and that it is actually owned by the sender. It also ensures that sender is authorized to transfer the ownership, and there was no double spending of the asset. It also ensures that 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.
“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.