Kaleido’s software-as-a-service blockchain solution will now offer an advanced privacy protection service.
At the Ethereal Summit Tel Aviv 2019, on Sunday, the company announced a partnership with QEDIT, a developer of privacy technology for enterprise blockchains.
Through this partnership, the firm will allow clients to shield sensitive information through zero-knowledge proof (ZKP) cryptography when trading tokenized assets in their marketplace. While the technology is broadly applicable, it has particular utility in the energy and financial sectors. The company has worked with established brands including T-Mobile, Sony, Fox, and UnionBank to build blockchain networks.
“Tokens aren’t just about crypto anymore, they’re a digital construct of real world assets,” Kaleido CEO Steve Cerveny told CoinDesk. “They have a shared state [assets that can function on multiple platforms] and need to move from one party to another. In many cases you would want to obfuscate some amount of information.”
While transactions remain legible on the blockchain and verifiable by network participants, “observers cannot see who sent what, or how much, or to whom,” Cerveny said.
ConsenSys-backed Kaleido assists large organizations move from blockchain pilots to production. The latest integration removes the friction from experimenting with the emerging privacy tech. Further, the network is private and permissioned, meaning that organizations themselves will determine which information will remain publicly available.
To use the service, firms will register their wallets, sign up for the native zero knowledge token transfer service, transfer their assets to a shielded account, then press a button that leads to a “dark room” to make private trades.
QEDIT’s solution was developed by the data scientists behind zk-SNARK proofs.
“Enterprise tokens are still nascent, but many firms are coming around to how powerful these things are to share state. We’re bullish tokenization will be universally applicable.”
Kaleidoscope image via Shutterstock