QEDIT, a provider of zero knowledge proof blockchain, announced on Tuesday the launch of its new product QEDIT Asset Transfer (QAT), which provides an enterprise solution for maintaining data confidentiality for large-scale value transfers on the blockchain. QEDIT recently announced the closure of its investment round at $10 million.
According to QEDIT, the QAT solution ensures that when ownership of an asset is transferred, the Zero-Knowledge Proof protocol can attest to the validity of the transaction, without sharing transaction details. The company further explained:
“The protocol ensures that the asset indeed exists and is owned by the sender, the sender is authorized to transfer the ownership, and there was no double spending of the asset. The process also ensures 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.”
While sharing more details about the product, Jonathan Rouach, CEO and Co-founder of QEDIT, stated:
“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.”
QEDIT then added that its privacy solution also helps banks to ensure confidentiality when transferring assets on decentralized networks, and also enables companies to set up supply chain management systems with their whole ecosystem, while preserving confidentiality.
As previously reported, QEDIT was founded by Jonathan Rouach, Professor Aviv Zohar and Ruben Arnold. Zohar is a Professor at the School of Engineering and Computer Science at the Hebrew University, Jerusalem. Arnold is a former McKinsey consultant who co-founded Bits of Gold with Rouach, the leading Bitcoin exchange in Israel. The company recently raised $10 million through its latest funding round led by MizMaa Ventures with participation from Ant Financial, RGAX, Meron Capital, Collider Ventures, Jovono, and Target Global.