QEDIT, a privacy-enhancing technology provider based on zero-knowledge proof cryptography, has announced a partnership with Tradeshift, the supply chain payment and marketplace provider.
With implementation of QEDIT’s privacy solution, the partnership is enabling a new type of competitive marketplace that proves the quality of the assets to financiers, while preserving the full privacy of the transactions of participating companies.
With QEDIT technology in place, the privacy of participants’ assets can be retained while lowering the risk for the finance partners, thereby ensuring access to high quality financeable assets to financiers and cheaper more accessible credit for companies.
Last week, Kaleido was the first to implement QEDIT’s zero-knowledge proof cryptography technology.
“QEDIT is thrilled to be partnering with Tradeshift to launch this next generation data privacy solution making new types of trade finance offerings possible. The QEDIT-powered marketplace, which will provide a zero-knowledge proof privacy layer on a permissioned-based blockchain, is useful in many business transactions and can be designed to open new revenue channels for financiers, and solve cash flow problems for small and medium-sized businesses. We invite financiers with an innovative mindset to join us in this exciting project.”
– Jonathan Rouach, CEO and Co-founder of QEDIT
Founded by a team of seasoned entrepreneurs, academic researchers, and developers, QEDIT’s protocol utilizes zero-knowledge proof cryptography to allow parties employing enterprise blockchains to record and authenticate the transfer of assets on a shared ledger without revealing any underlying, confidential information. Network members can verify the integrity of the proofs, but they cannot see who sent what, or how much, to whom. QEDIT also offers tools for auditors to enable regulatory compliance.
“Tradeshift Frontiers constantly works to create new and innovative opportunities based on data for participants of the Tradeshift platform. Providing affordable finance while protecting participants’ privacy is paramount. This is often a delicate balance, but with the technology provided by QEDIT, it’s no longer about just keeping a balance – it’s going beyond and putting privacy to the forefront to enable new data savvy marketplaces and financing models.”
– Gert Sylvest, Co-founder of Tradeshift and Head of the research and development unit, Tradeshift Frontiers
The Tradeshift platform, underpinned by QEDIT’s privacy solution does exactly that by providing financiers with meaningful business insights into relationships and transactions of companies without needing to share private data in order for them to participate in this marketplace.
It enables financiers on the Tradeshift platform to submit bids for the finance requests in private, and also to avoid double-dipping finance fraud.
Today, the receivables financing market is illiquid, opaque, expensive, and largely inaccessible to companies due to high friction and extensive requirements for due diligence.
In order to protect trade relationships, order volumes and price points are vital and help maintain the competitiveness of businesses everywhere. Until now, requirements to share such sensitive information have prevented companies from requesting finance from bidders in a truly competitive market.