Mphasis, an Information Technology (IT) solutions provider specializing in cloud and cognitive services, announced its partnership with Israeli-based QEDIT, an enterprise solution provider that uses Privacy-Enhancing Technology and Zero-Knowledge Proof (ZKP) cryptography to help companies transact and leverage their business data in a privacy-compliant manner. Under this partnership, the two entities will co-innovate and develop ZKP solutions to enable enterprises to fight fraud, verify identities, and uphold compliance with local data privacy regulations. All this while preserving full control over proprietary and confidential information.
Blockchain is structured in a way that anyone with access to a blockchain transaction can view data provided across all nodes. This inherent principle of transparency is an obstacle for companies that wish to gain efficiencies using a shared ledger, but simultaneously need to protect confidential transactional details. QEDIT’s Private Asset Transfer solution employs ZKPs, a cryptographic algorithm that enables Party A to share the proof of knowledge with Party B without sharing the underlying data itself.
This technique can be leveraged by Mphasis’ clients in regulated industries, especially Financial Services. QEDIT’s solution can be integrated into large application projects for Mphasis’ Financial Services clients. ZKP solutions are slated to demand techniques that secure information further on blockchain and Mphasis believes ZKP will become that horizontal layer of security for digital identification.
“Blockchain is a critical technology that enterprises have been leveraging strategically; Mphasis continues to bring innovative solutions to customers from both within the organization as well as from the partner and start-up ecosystem,” said Dinesh Venugopal, President – Mphasis Direct and Digital. “Through our collaboration with QEDIT, we aim to offer next-generation security applications on blockchain to our clients that enable them to authenticate asset transfers on a shared ledger without revealing any underlying, confidential, transactional information.”