MENLO PARK–July 1, 2020
Findora, a leading blockchain technology company today announced that it has reached a partnership agreement with Tencent Cloud, one of the world’s leading providers of cloud computing and Internet value-added services. Soon, Findora will be able to provide the world’s first confidential ledger products, codenamed “zkLDB”, on top of Tencent Cloud, that support encrypted transaction and asset issuance, processing, verification and storage.
Storing important data in a traditional database creates vulnerabilities to various attack vectors. Data is often left unencrypted due to high cost and inefficiency of traditional encryption. Findora’s breakthrough zero-knowledge technology provides an efficient way for users to perform complex operations on fully-encrypted data, ensuring full confidentiality and immutability. In addition, Findora’s zkLDB comes preloaded with a wide suite of privacy-preserving audit tools that are fully-compliant and enable advanced auditability. Tencent and Findora will collaborate to provide a wealthy array of APIs and SDKs catering to a variety of industries including banking, investment management and gaming.
John Powers, Chief Strategy Officer of Findora, said: “Financial services remain vulnerable to security breaches and cloud providers are challenged to keep up with financial institutions’ security needs. Findora brings advanced solutions for data safety and privacy, providing both trust and efficiency for financial transactions by individuals, firms and markets.”
Tencent Cloud has a global presence and decades of experience in delivering digital engagement to its massive user base, making it an ideal platform for Findora’s confidential ledger. Tencent Cloud already works with many companies in the finance industry. These clients of Tencent will benefit significantly from the partnership, receiving enhanced data security and cost-savings through the interoperability of data across partners and services that previously resided in standalone data silos.
“We are very pleased to partner with the Findora team from Stanford and leverage the advanced technology invented by Stanford Lab,” said Tencent Cloud International Chief Solution Architect Davy Wong. “We believe that Tencent’s existing institutional clients will reap significant benefits by using Findora.”
Enhanced data security and limited data access for cloud providers will help position Tencent Cloud as the de-facto cloud service for international financial companies.