Indian IT firm Mphasis has teamed up with Israel’s QEDIT to create blockchain-based privacy-enhancing enterprise solutions.
Blockchain being a distributed ledger technology, all transactions on it are visible to all the users. Blockchain technology employs public and private keys for security, privacy, and anonymity while ensuring transparency. Firms now want to secure even details of a transaction.
QEDIT employs Privacy-Enhancing Technology and Zero-Knowledge Proof (ZKP) to create solutions wherein two parties can share the proof of knowledge without sharing the actual data. Thus, all the users on the blockchain do not get to see the actual data related to a transaction, which further increases the privacy of users. Mphasis firmly believes that ZKP is the most efficient and reliable technology for securing digital identification.
Mphasis and QEDIT will work together to create ZKP based enterprise solutions to increase privacy, detect fraud, ensure the security of user data and comply with domestic data-privacy regulations.
Speaking on the partnership, President-Mphasis Direct and Digital Dinesh Venugopal said,
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.
Mphasis customer list includes 6 of the world’s top banks, 11 of the world’s leading mortgage firms, and 3 of the world’s leading insurance firms. QEDIT and Mphasis will work together to identify and employ blockchain-based solutions to improve efficiency and privacy in such diverse industries as finance, insurance, etc.
CEO and CO-founder of QEDIT Jonathan Rouach said that the partnership with Mphasis would help to bring their ground-breaking technology to a wide array of global companies. He further said that their solutions would help companies use their data without sharing confidential information.
Mphasis works to employ cloud and cognitive-based digital technologies in industries, to help them stay ahead of the competition.
QEDIT provides solutions that enable companies to share data with third parties with increased privacy in fields like supply chain and finance.