Home Malta Winds QEDIT Launches Asset Transfer Enterprise Solution for Preserving Data Privacy on Blockchain

QEDIT Launches Asset Transfer Enterprise Solution for Preserving Data Privacy on Blockchain


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.

The post QEDIT Launches Asset Transfer Enterprise Solution for Preserving Data Privacy on Blockchain appeared first on maltawinds.com.

Original article found on Malta Winds


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