Big 4 auditing agency Deloitte built-in the privateness developed by cryptography startup QEDIT into its qualification data blockchain platform Eduscrypt, a press launch shared with Cointelegraph on Oct. 29 reveals.
Per the discharge, the announcement was made on the ZKProof Community Event in Amsterdam at present.
Another software of ZK-Proofs
The occasion was devoted to Zero Knowledge Proofs (ZK-Proofs), a complicated sort of cryptography — which QEDIT’s resolution makes use of — that permits to confirm knowledge with out truly revealing it. The platform that has been up to date to reinforce its privateness is Deloitte’s Eduscrypt, and its function is to allow organizations to trace, share, and validate the {qualifications} of employees.
Eduscrypt reportedly permits verification that {qualifications} are genuine, reduces knowledge errors and creates a shared and permissioned repository of qualification data shared between organizations. Chief Technology Officer of Deloitte’s EMEA Blockchain Lab mentioned:
“Academics and enterprises both stand to benefit hugely from leveraging blockchain technology — for most organisations validating, managing and recording the education qualifications of staff and prospective hires can be a very onerous and costly process, with regulatory fines for non-compliance. Integrating QEDIT’s Zero-Knowledge Proof privacy solution ensures that organisations can trust in the authenticity of qualifications, while preserving the full privacy of the underlying data, and upholding regulatory compliance.”
Private transactions on blockchains
The firm explains that it makes use of ZK-Proofs to permit enterprise blockchain customers to file and authenticate transfers with out revealing the confidential data concerned. Network individuals can confirm the integrity of the transactions, however they can’t see who despatched how a lot and to whom.
That being mentioned, the corporate additionally offers regulators the instruments wanted to make sure compliance. QEDIT CEO and co-founder Jonathan Rouach commented by praising the cryptographic innovation that the agency’s system employs:
“The integration of QEDIT’s privacy solution into Deloitte’s Eduscrypt platform is yet another tangible use-case, demonstrating the far-reaching potential of zero-knowledge proof cryptography to transform processes across a myriad of industries.”
As Cointelegraph reported in September, Byzantium, the primary half of the Metropolis exhausting fork growth enabled using ZK-Proofs on the Ethereum public blockchain.
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