In an era where billions of individuals engage in data sharing through social media and the broader Internet, the challenge of maintaining data privacy has reached unprecedented levels.
Multiparty computation (MPC) technology has emerged as a driving solution to facilitate secure collaboration and computation of encrypted data. This addresses pressing questions surrounding the delicate balance between protecting personal information and navigating the complexities of an interconnected digital environment.
As the Internet transitions from Web2 to Web3, the scalability of MPC and zero-knowledge (ZK) technologies is gaining momentum, further enhanced by Web3’s paradigm shift of returning ownership of data to users.
Growing concerns about data privacy
Web2 has created borderless opportunities for anyone to create content and socialize with each other. From bite-sized videos to social media and personal blogs, creating digital content has become second nature. However, on the other hand, it comes at the cost of user privacy.
The issue of data privacy violations came to the fore with the Facebook Cambridge Analytica scandal, in which personal data from more than 87 million users was improperly obtained for political purposes.
Similarly, consumer credit reporting company Equifax will pay up to $700 million after personal data belonging to 143 million consumers was compromised in the “largest data breach settlement in history.” CNBC reports. Other major companies, including Google, Alibaba, and Uber, are also grappling with data privacy violations.
A no-compromise solution
Learning from the failures of major data breaches, the next phase of the Internet is poised to implement robust data privacy without sacrificing important tradeoffs.
“An MPC can perform arbitrary computations on arbitrary private inputs. In other words, an MPC is a fully distributed, encrypted computer. This is very different from a zero-knowledge proof. A zero-knowledge proof , the limitation is that there are only two parties involved and the outcome is binary, i.e. the statement is true or false,” said Brian Gallagher, co-founder of Partisia Blockchain.
Known for privacy-preserving computation, MPC technology has been extensively developed over 35 years to provide an ideal foundation for data privacy. It is a decentralized cryptographic framework that allows confidential computations on encrypted data and ensures privacy without revealing sensitive information to participants. This seamlessly integrates privacy-preserving computations into the data economy while maintaining transparency and integrity.
MPC can be used in countless ways within your app, making it powerful for use cases like voting. This innovative approach can be applied to auctions, elections, or trustless private voting to enable transparency and verifiable results while protecting participant confidentiality.
Unleash the full potential of your data
Privacy-enhancing techniques are highly applicable to the financial sector. Deloitte’s research says, “These technologies have the potential to expand the range of viable data sharing opportunities in financial services, allowing institutions to effectively ‘see the whole picture’ and It enables them to unlock new value for institutions, their customers, regulators and society. big. “
Beyond finance and voting, MPC extends its benefits into the Web3 realm, seamlessly integrating decentralized data ownership and privacy protection technologies. This innovative synergy ensures a highly secure online environment while maintaining personal data autonomy.
“The convergence of Web 3.0 and MPC will give consumers control over their private data, even as that same data is increasingly used in a data-driven reality. , end-users will get a fair share of the value generated, while also paving the way for the next generation of the Internet. Moving the Internet from an information-centric model to a user-centric model will help MPC It’s as easy as that,” said Brian Gallagher, co-founder of Partisia Blockchain.
At the convergence of Web3 and MPC technologies, the integration of Partisia Blockchain and Metamask Snaps developed by Consensys represents a step towards permissionless innovation for over 100 million users.
The complex and highly technical nature of MPC technology is streamlined through partnerships such as Polygon and Partisia Blockchain, easing the burden on developers to integrate MPC functionality into smart contract apps. This allows developers to focus on delivering elegant, privacy-respecting solutions and alleviates concerns about the complex technical complexities associated with implementing MPC.
Restore trust in the digital world
A gradual transition to a user-owned Internet does not have to come at the cost of giving up data privacy. The emergence of Web3 social platforms such as Parti not only strengthens ownership of user-owned content, but also returns up to 100% of revenue streams to creators through peer-to-peer digital payments.
As businesses leverage more out-of-the-box security solutions, prioritizing robust Internet data privacy has emerged as a fundamental cornerstone of the evolving Internet. The integration of strong data privacy measures and the Web3 framework will establish an upgraded Internet that users trust with enhanced confidence, powered by the unwavering principles of secure cryptography.
man and machine The podcast is dedicated to informing and demystifying the general public about the cryptocurrency, DeFi, GameFi, NFT, and blockchain industries.
traui I’m a guy who loves words and blockchain. His passion for storytelling and communication led him to co-host a podcast and his YouTube channel, his The Human & Machine. There, he legitimately plays the role of an average thinking person trying to understand and explain in plain language the jargon and complexities thrown at him by his ruthless but brilliant co-host, The Machine. ing.
Hikaru I’m a blockchain enthusiast, but I’m not good at cooking. His exceptional understanding and experience with blockchain technology, as well as his inhuman work ethic, earned him the nickname The Machine. In the show, he plays the role of a hybrid omniscient robot who goes out of his way to explain the concept of blockchain to The Human while trying to maintain faith in humanity.
kenny oh, aka The Brain, is the OG of #Web3.0 #FutureofWork #DistributedOrganizations Outdoorspace. His brain works in space and time. Additionally, his innate vision and strategy in Web 3.0 earned him his nickname, The Brain.
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