Hackers and cybercriminals have been looking for gaining a hold on users’ data and information for years. However, regular people now have to fend off other entities that threaten to sniff on their content, such as government surveillance agencies, big tech companies, and others. Privacy is at a premium these days.
That is why Kaleido’s SaaS (Software as a service) blockchain product will provide users with the opportunity to better protect their privacy with advanced methods. The firm itself made the announcement at the Ethereal Summit Tel Aviv 2019, late last week.
A Strategic Alliance with QEDIT
To be more specific, Kaleido announced a strategic alliance with QEDIT, which is a known developer of privacy-related technology for corporate blockchains. QEDIT has been behind the creation and development of ground-breaking discoveries in its field.
The pact will let Kaleido’s customers to protect sensitive data and information thanks to a zero-knowledge proof (ZKP) cryptography whilst tokens are being traded and digital assets being in the ecosystem.
The technology can be applied broadly, but is especially useful when implemented in two industries: energy and finances. To that end, the firm has been known to be working with giants such as Sony, T-Mobile, Fox, and UnionBank in an effort to develop highly useful blockchain networks and ecosystems.
Tokens Are “A Digital Construct of Real World Assets”
According to Kaleido’s Chief Executive Officer Steve Cerveny remarks to a prominent specialized crypto news site, “tokens aren’t just about crypto anymore; they’re a digital construct of real world assets. They have a shared state and need to move from one party to another. In many cases you would want to obfuscate some amount of information.”
The systems promotes transparency because whilst the operations remain legible in the blockchain and those that participate in the network can verify them with no issues and at any moment, “observers cannot see who sent what, or how much, or to whom,” per Cerveny.
Kaleido is backed by ConsenSys, and helps big corporations and institutions as they move from blockchain pilots to actual production. The network in question promotes privacy and it is also permissioned, which means that the organizations will be the ones determining which data remains public and which information does not.
It is very easy to use the service: companies will need to sign up their wallets, and then register for the zero knowledge token transfer feature. From there, they will need to transfer their assets to a shielded account, and after that, pressing a button that takes the traders to a private “dark room” is required.
Data researchers and scientists behind the development of zk-SNARK proofs are the ones responsible for the QEDIT’s solution.
Cerveny went on to say that “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.”
By Andres Chavez