Mphasis inks pact with QEDIT to offer privacy-enhancing tech

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.

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.

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.

"All this while preserving full control over proprietary and confidential information", Mphasis, specialising in cloud and cognitive services, said.

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, the statement said.

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, it was stated.

"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.