The implementation of Zero Knowledge Proof (ZKP) will allow participants to share information without revealing important data.
Samsung’s new technology development leadership, Samsung SDS, announced an alliance with the Israeli company QEDIT to authenticate transfers of digital assets on a shared Blockchain without participants having to disclose confidential information.
To this end, Samsung SDS would be improving the privacy of the operations in its Nexledger Blockchain, implementing a Zero Knowledge Proof (ZKP) protocol, which does not expose users’ private data or reveal information of vital importance to users. competition members operating on the network.
In relation to this alliance, senior vice president of the Blockchain management of Samsung SDS, Jeanie Hong, said:
“The performance of the solution for the private transfer of assets designed by QEDIT has been exemplary during the tests and tests carried out. The team consistently demonstrated the ability of the ZKP protocol to scale horizontally in a Blockchain environment.”
For his part, the CEO of QEDIT, Jonathan Rouach, commented:
“Samsung SDS is very active in the ecosystem of supply chains and insurance … Nexledger is used by a Blockchain consortium consisting of 18 banks based in Korea … Therefore, our solution will be useful for the company.”
Samsung, ZKP and Blockchain
The use of ZKP by Samsung is an interesting step in its path within the Blockchain ecosystem, considering that entities such as JPMorgan Chase and ING use this protocol in their proof of concept with blockchain technology.
However, one of the aspects to consider with this protocol is the enormous amount of computing power (hashrate) that it needs to work efficiently, which would not represent a problem for Samsung SDS due to the large amount of resources with the that the company has, managing a base of at least 35,000 software engineers specially dedicated for the development of the code associated with Nexledger.
In October during the Blockchain Seoul 2019 conference, Samsung SDS representatives indicated that they were testing with a Blockchain system for medical claims of which there are only a few details. The company also indicated that it appeared as an investor for Blocko, which develops solutions with block technology and is based in South Korea
Although Samsung SDS technology is specially designed for business models, managers do not rule out the possibility of seeing their applications in areas such as mobile telephony and other sectors, especially in light of the implementation of ZKP to ensure the privacy of the users.