Bengaluru-headquartered information technology solutions provider Mphasis on Thursday announced a partnership with Israel-based QEDIT to offer privacy-enhancing technology solutions on Blockchain to enterprises.<\/p>\n
QEDIT is 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, Mphasis said.<\/p>\n
Under this partnership, the two entities will co- innovate and develop ZKP solutions to enable enterprises fight fraud, verify identities, and uphold compliance with local data privacy regulations, it said in a statement.<\/p>\n
All this while preserving full control over proprietary and confidential information, Mphasis, specialising in cloud and cognitive services, said.<\/p>\n
Blockchain is structured in a way that anyone with access to a blockchain transaction can view data provided across all nodes.<\/p>\n
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.<\/p>\n
QEDITs 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, the statement said.<\/p>\n
This technique can be leveraged by Mphasis clients in regulated industries, especially financial services.<\/p>\n
QEDITs solution can be integrated into large application projects for Mphasis Financial Services clients, it was stated.<\/p>\n
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, it said.<\/p>\n
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