More

    Samsung SDS, QEDIT To Enhance Privacy on Nexledger Blockchain By Adding Zero-Knowledge Proofs

    Samsung SDS, the technology subsidiary of the South Korean giant is boosting privacy on Nexledger, its business-grade blockchain.

    On November 14th, the company announced that it partnered with QEDIT, a firm based in Israel, to keep track and authenticate the assets’ transfer on a shared ledger, without revealing and confidential information.

    The Objective is to Keep Client Data Safe

    The decision has been made because the companies looking to adopt the distributed ledger technology are facing some challenges. For example, when they’re broadcasting transactions on a network, they risk exposing important client data and giving their competitors tips.

    The Zero-Knowledge Proofs (ZKPs) Strategy to Be Implemented

    Zero-knowledge proofs or ZKPs is a cryptography branch that enables the authentication of data and doesn’t reveal any details on it. ING and JPMorgan Chase have also used it for their blockchain forays. However, there is a catch because ZKPs consume a lot of computing resources and can crash.

    Jeanie Hong, the Senior Vice President and Leader of Blockchain Center for Samsung SDS said that QEDIT has outperformed during the rigorous tests it has been subjected to at the company she’s working for:

    “The QEDIT team has consistently demonstrated the ability to horizontally scale ZKP cryptography in a blockchain environment.”

    The CEO and QEDIT co-founder Jonathan Rouach is sure that the solutions he has offered Samsung SDS are very useful for Nexledger when it comes to banking and the supply chain.

    QEDIT and Samsung SDS, Both Serious about Business

    At the Amsterdam ZKProof Community Event, which took place last month, QEDIT has announced that is working with Deloitte, the professional services giant. Samsung SDS has also been a serious player in the blockchain space for a few years. It now has 35,000 employees that mainly work as software engineers.

    Samsung SDS Invested in Blocko

    Not too long ago, in October, Samsung SDS has announced during the Blockchain Seoul conference that it had been working ever since August on a pilot system for processing blockchain-based medical claims. It also said that it has made an investment in the South Korea-based firm Blocko. Its R&D is all about business-to-business use and not Samsung’s phone subsidiary. Rouach mentioned that the company is focusing on how to enhance privacy through the ZKPs technology, which can be used in many and different contexts.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Oana Ularu
    Oana Ularu
    Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,350FansLike
    2,770FollowersFollow
    4,133FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Bitwise Plans To Target Retail Investors With Its Crypto Index Fund

    Bitwise has revealed that plans are underway to allow the retail market to participate in its large-cap index service. According to CoinDesk, Bitwise is working...

    Binance's Educational Platform Opens Up Government Approved Office in Shanghai

    Binance, one of the most popular crypto exchanges in the crypto-verse which also has many subsidiaries including Binance Academy (a blockchain and crypto-centred educational...

    XRP Trying to Retrace Months of Underperformance But Remains in a “Corrective” Structure

    XRP is up 12.5% but could still jump another 23%, A clean break above $0.21 would be “very bullish” Ripple granted an exemption...

    23k BTC on CME Futures and 50k BTC in Options Expiring Today

    Bitcoin is currently down 0.05% in the past 24 hours trading around $6,640 after hitting $6,872 last night, yet again rejected at $7,000 level....

    Microsoft Files Patent To Mine Cryptocurrencies With Verified Body Activity Data

    Giant software manufacturer, Microsoft is seeking to capitalize on the new crypto hype. The firm is seeking to introduce its own cryptocurrency that will...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.