QEDIT, an Israeli blockchain startup specialized in data privacy, has announced the official product launch of QEDIT Asset Transfer, an enterprise solution for maintaining data confidentiality for large-scale value transfers on blockchain networks. The solution was launched on Tuesday at Consensus, one of the world’s largest blockchain annual event taking place this week in New York.
QEDIT Asset Transfer allows enterprises to transfer ownership of blockchain assets without revealing the confidential transaction details including the buyer, the sender and the transferred amount, all the while guaranteeing regulatory compliance according to custom-defined business rules.
The solution ensures that when ownership of an asset is transferred, the zero-knowledge proof protocol can attest to the validity of the transaction, making sure that the asset does exist and is owned by the sender, that the sender is authorized to transfer the ownership, and that there is no double spending of the asset.
It can be implemented on any blockchain infrastructure, whether that’s Ethereum, Corda, Quorum, Hyperledger, or Stellar.
QEDIT’s financial partners use the technology to calculate an accurate credit scoring based on private data, without accessing the private data.
Jonathan Rouach, CEO and co-founder of QEDIT, said the launch of the QEDIT Asset Transfer was “the culmination of our tireless efforts to provide a confidential and regulatory-compliant way for enterprises to transfer ownership of digital goods.”
“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,” Rouach said.
The launch of QEDIT Asset Transfer comes on the heels of the company’s closure of a US$10 million Series A funding round. The round was led by MizMaa Ventures with participation from Ant Financial, RGAX, Meron Capital, Collider Ventures, Jovono and Target Global.
QEDIT said that it will also be exploring collaborations with Chinese fintech giant Ant Financial, software firm VMware, and RGAX, a subsidiary of Reinsurance Group of America (RGA), to explore applications of its privacy solutions in their respective industries.
Founded in 2016 by a team of blockchain experts and entrepreneurs, QEDIT has developed the Zero-Knowledge Blockchain (ZK Blockchain). ZK Blockchain combines zero-knowledge proof cryptography and enterprise blockchain to solve the coordination between actors in the same industry, eliminating the necessity of sharing their confidential data.
“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,” Rouach said.