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.