Mphasis to develop Blockchain powered Privacy-Enhancing Tech Solutions with QEDIT

Mphasis has partnered with the Israeli Blockchain technology firm QEDIT.

The agreement will see both companies develop privacy-enhancing technology called ZKP (Zero-Knowledge Proof) cryptography. The blockchain solution will help enterprises fight fraud, upload compliance, and verify identities with local data privacy regulations, notes the announcement.

This will help the clients of these companies while preserving full control over the confidential and proprietary information.

Executive Opinion

President - Mphasis Direct and Digital, Dinesh Venugopal, said, "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. Through our collaboration with QEDIT, we aim to offer next-generation security applications on blockchain to our clients that enables them to authenticate asset transfers on a shared ledger without revealing any underlying, confidential, transactional information."

CEO and Co-Founder of QEDIT, Jonathan Rouach, said, "Teaming up with Mphasis presents a phenomenal opportunity to advance a new category of technology based on cryptographically secure, privacy-enhancing techniques. Together with Mphasis, we can accelerate our efforts to deliver innovative solutions that facilitate blockchain adoption and provide secure ways for companies to harness the full value of their data, without requiring them to expose or share private information. QEDIT's co-development collaboration with Mphasis was established in conjunction with the Consulate General of Israel to South India.

Mphasis and Blockchain development

According to the Mphasis, the blockchain is usually structured in a way that anyone with access to a blockchain transaction can view data provided across all nodes. Such a level of transparency sometimes can be problematic in sectors such as Financial services where confidentiality is of utmost importance.

QEDIT’s solution called Private Asset Transfer employs ZKP. This cryptographic algorithm enables one party to share the proof of knowledge with a second party without sharing the underlying data.

Mphasis revealed that ZKP would become that horizontal layer of security for digital identification.
Mphasis revealed that its clients in the regulated industries, especially financial services, would want to deploy the solution, which can be integrated into large application projects.

Mphasis serves global banks, top mortgage lenders, and some of the top global insurance companies. Mphasis revealed that its global footprint would enable QEDIT to reach a broad array of industries, which ranges from the supply chain, insurance, payments, and trade finance.

In October last year, Mphasis signed a partnership with the Oodrive for the digital authentication of insurance contracts.

PC: Pablo, Pixabay