QEDIT specializes in securing digital asset transfers on decentralized networks, such as blockchains, while preventing private information leakage. The company is a global leader in adopting advanced zero-knowledge proof privacy technology and is at the forefront of developing decentralized payment security capabilities.
Daniel Even-Hen, in collaboration with ICBW3. 03 September 2023
Since its establishment in 2016, QEDIT has specialized in securing the transfer of digital assets on the blockchain and preventing the leakage of private information. The company has been a pioneer in promoting an advanced technology known as zero-knowledge proof and has been developing decentralized payment security solutions for stablecoins in collaboration with international blockchain communities that prioritize privacy.
QEDIT is at the forefront of global standardization in its field through its leadership in the organization ZKProof.org. Working alongside prominent academics, including Professor Shefi Goldwasser, a Turing Award winner who helped discover and develop this encryption method, the organization facilitates collaborations with industry partners such as the Ethereum Foundation, the American standards body NIST, and others.
Given the advanced nature of this technology, its use requires responsibility. It's important to recognize that a key condition for adopting privacy in money transfers is finding a balance between information privacy and enforcement. Consequently, QEDIT is developing solutions that not only protect information privacy but also comply with regulatory requirements, allowing for the monitoring of money transfers when mandated by legal authorities.
In March 2022, in collaboration with the Securities Authority and the Ministry of Finance, the company hosted a hackathon focused on blockchain for digital assets. Following the hackathon, the stock exchange and the Ministry of Finance launched the first issuance of a government bond on the blockchain.
The company was founded by Yonatan Roash, an early pioneer in Israel's blockchain field. In 2013, alongside his brother Yuval Roash, he established Bits of Gold, which is now the leading cryptocurrency entity in Israel. 'From this experience, we quickly realized that banks are interested in digital assets but are hesitant to adopt blockchain technology due to transparency concerns, where transactions are visible to everyone,' says Yonatan Roach. This issue persists even with international credit companies. Consequently, in 2016, I founded QEDIT with Prof. Aviv Zohar, a leading computer science researcher at the Hebrew University of Jerusalem and an author of numerous publications on blockchain security. Today, QEDIT collaborates with Bits of Gold on upcoming projects."
Among QEDIT’s major clients are Samsung SDS, the US Department of Defense (DARPA), and leading global banks. The company is based in Tel Aviv and employs about ten people, led by development manager Pablo Kogan.
Discussing zero-knowledge proof technology, Roach explains, 'This privacy technology enables us to prove the validity of information without disclosing the information itself. For instance, whether I’m paying at the grocery store or online, the seller doesn’t need to know the total funds available in my transaction. The recipient of the payment can simply use this proof to verify that the currency is legitimate. This is particularly advantageous for corporations that prioritize information privacy, as it ensures that sensitive data isn't permanently stored on the blockchain. However, it's important to note that currently, this technology isn't applicable to all digital assets.'
What is the vision that guides the company?
"We aim to facilitate digital cash transactions in a standardized manner while balancing advanced privacy with enforcement capabilities. This approach also helps build trust in the technology we have developed. Our goal is to enable payments in digital currency that is backed by local currency but offers complete privacy, all while complying with local laws."
In collaboration with ICBW3.
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