Samsung SDS, the enterprise expertise arm of the South Korean behemoth, is enhancing privateness on its Nexledger blockchain with zero-knowledge proofs (ZKPs).
The firm stated Thursday it had shaped a partnership with Israel-based QEDIT to report and authenticate the switch of belongings on a shared ledger with out revealing underlying confidential info.
The step underscores one of many challenges dealing with firms adopting distributed ledger expertise: broadcasting transactions to a community places them susceptible to exposing delicate consumer knowledge and tipping their fingers to opponents.
Zero-knowledge proofs, a department of cryptography that may authenticate knowledge with out revealing any particulars about it, are a typical technique for squaring this circle. Banks equivalent to JPMorgan Chase and ING have used ZKPs of their blockchain forays.
The catch is that ZKPs typically require appreciable computing energy and might gum up the works. But Samsung SDS says this one outperformed.
“The performance of QEDIT’s private asset transfer solution has been exemplary during the rigorous series of testing and trials we conducted,” stated Jeanie Hong, Senior Vice President, Leader of Blockchain Center at Samsung SDS, stated in a press release. “The QEDIT team has consistently demonstrated the ability to horizontally scale ZKP cryptography in a blockchain environment.”
QEDIT co-founder and CEO Jonathan Rouach stated his agency’s resolution will likely be helpful to Samsung SDS’s Nexledger in areas like banking and provide chain.
“Samsung SDS is very active in supply chain and insurance,” stated Rouach. “For instance, Nexledger is used by an 18-bank blockchain consortium in Korea.”
QEDIT has been on one thing of a tear of late, saying a detailed working relationship with professional-services big Deloitte on the ZKProof Community Event in Amsterdam late final month.
Samsung SDS, which employs about 35,000, lots of them software program engineers, has been working within the enterprise blockchain area for a number of years.
Last month on the Blockchain Seoul 2019 convention, Samsung SDS stated it had been piloting a blockchain-based medical claims processing system since August. The agency additionally stated it had invested in Blocko, additionally based mostly in South Korea.
While Samsung SDS’ R&D is designed for business-to-business makes use of, and never the mother or father firm’s cell phone enterprise, Rouach stated the agency is “very interested in privacy-enhancing tech and ZKPs can, of course, be used in many contexts.”