Tradeshift Implements QEDIT’s Blockchain Privacy PlatformSeptember 24, 2019
Blockchain privacy solutions firm QEDIT has teamed with business commerce platform Tradeshift to create a new category of trade finance marketplace.
Founded in 2016, QEDIT helps businesses accelerate trust with Zero-Knowledge Blockchain, a protocol which combines enterprise blockchain with Zero-Knowledge Proof cryptography. The company allows clients to can keep their data private and at the same time share proofs about these data with partners, and even with competitors in their ecosystem. It also enables running audit queries, such as credit and risk scoring, without revealing the underlying private data used to calculate the score.
Founded in 2010, Tradeshift offers solutions for procurers to pay, supplier engagement, and financial services, and enables companies and partners to build custom or commercial apps on its platform. It enables supply chain payments and marketplaces for more than 1.5 million businesses globally, including large enterprise brands such as Air France-KLM, DHL, Fujitsu, HSBC, Siemens, Societe Generale, Unilever, and Volvo.
The goal of the partnership is to implement QEDIT’s privacy solution to enable 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.
According to the firms, requirements to share sensitive information have prevented companies from requesting finance from bidders in a truly competitive market. With QEDIT technology in place, the parties said that 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.
“QEDIT is thrilled to be partnering with Tradeshift to launch this next generation data privacy solution making new types of trade finance offerings possible,” said Jonathan Rouach, CEO and Co-founder of QEDIT. “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.”
QEDIT and Tradeshift are reportedly in the process of onboarding trial financiers that want to break ground in this new finance category.
“Providing affordable finance while protecting participants’ privacy is paramount,” said Gert Sylvest, Co-founder of Tradeshift and Head of the research and development unit, Tradeshift Frontiers. “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. 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.”
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