Alibaba’s Affiliate Ant Financial Backs Multi-Million Dollar Blockchain Privacy Project QEDIT
Ant Financial, an affiliate of e-commerce giant Alibaba, among other investors, are pulling their weight behind QEDIT, a developer of privacy technology for enterprise blockchains. The $10 million investment round was led by MizMaa Ventures, Meron Capital, Collider Ventures, as well as other big establishments, according to reports on May 7, 2019.
Per sources close to the matter, Ant Financial will also be incorporating QEDIT’s zero-knowledge proof (ZKP) technology into its operations. The company also announced that several high profile partnerships also applying for QEDIT’s ZKPs include VMWare and RGAX, a subsidiary of Reinsurance Group of America
Commenting on the latest development and why they are teaming up with QEDIT, a vice president and the general manager of Ant Financial’s technology and business innovation group Geoff Jiang said in a statement:
“Ant Financial shares a common vision with QEDIT to protect data privacy and security. Robust privacy measures are critical to the ongoing development of the wider finance sector. Together with QEDIT, Ant Financial is committed to providing such capabilities as part of our blockchain services.’’
Corroborating the earlier statement by Ant’s Geoff Jiang, the CEO and co-founder of QEDIT, Jonathan Rouach said their ZKP schemes are compatible with most varieties of enterprise blockchains and this had led the company to gain traction in Asia. He said:
“We have been getting our products out to large providers in Asia and one of them is Ant Financial, the largest fintech in the world. So our product is compatible with the Ant Financial offering.’’
Compatibility with Data Privacy Laws
The partnerships will see the companies cooperate with QEDIT to review their privacy products and implement ZKP technology at a corporate level, as well as allowing for blockchain-powered and privacy-preserving data sharing. QEDIT’s ZKP technology has been designed to be used in audit and due diligence services for financial institutions.
QEDIT was reportedly co-founded by CEO Jonathan Rouch in 2016 and Ruben Arnold, both of whom have previously founded cryptocurrency firms, including crypto exchanges Ledger lock and Bits of Gold.
Versatility and compatibility
Explaining how QEDIT’s knowledge technology could be used by major firms including Ant Financial and VMware, Rouach said when a network operates across multiple clouds environments, ZKP solutions allow cloud deployment of blockchain without revealing any form of sensitive information outside of your chosen cloud provider.
“We are increasingly seeing industries employing enterprise blockchain as their collaboration backbone, where competitors are joining the same network. Our integration to enterprise blockchain stacks from Ant Financial and VMware lets clients pick a Blockchain –as-a-Service provider and have QEDIT’s privacy layer solution included by default,” he said.
In related news, Alibaba and Chinese software giant Aerospace Information recently teamed up to promote blockchain development. Bitcoin Exchange Guide reported in March 2019, that the two Asian giants will start a joint effort to cooperate on creating blockchain technology and cloud computing, among other highly important technologies.
The industries that will be affected by the new partnership are cloud computing, taxation, finances and governmental administration.