International professional services firm Deloitte has implemented a blockchain solution that will make sending personal information secure and trackable while also streamlining the traditionally complicated process.
According to Decrypt, Deloitte has introduced a blockchain-powered solution under the name of Eduscrypt, which will enable the private transfer of personal data.
With the new system, users can more efficiently verify, share, and trace personal qualifications, thereby allowing businesses to ensure that the qualifications provided by applicants are authentic.
In order to ensure the privacy of the data, Deloitte has been working with an Israel-based tech company QEDIT to encrypt the data transferred on the Eduscrypt system. QEDIT has integrated its zero-knowledge proof, a cryptography tool, to add another layer of encryption to the data.
Antonio Senatore, Chief Technology Officer of Deloitte’s EMEA Blockchain Lab, has disclosed that QEDIT’s solutions will ensure the utmost privacy for user data.
“Integrating QEDIT’s Zero-Knowledge Proof privacy solution ensures that organisations can trust in the authenticity of qualifications, while preserving the full privacy of the underlying data, and upholding regulatory compliance,” Senatore said.
QEDIT added that its solution will allow users of the network to verify proofs, though they will not be able to view the identity of the sender or receiver.
Apart from ensuring system security, the company also specializes in assisting auditors in complying with regulations.
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