Blockchain protocols have always centered on the core principle of protecting user privacy, even though on-chain data is publicly verifiable and transparent.
As personal privacy rights continue to be eroded, this principle becomes increasingly important. For example, the European Union's recent push for a chat control bill allows for large-scale scanning of private communications and encrypted messages.
In the latest episode of The Clear Crypto Podcast, Yannik Schrade, co-founder and CEO of Arcium, was invited to delve into the importance of privacy protection protocols.
Schrade provided a detailed analysis of the privacy revolution, including cryptographic computing technology, zero-knowledge proofs, and multi-party computation. These technologies enable blockchains to handle sensitive data such as medical records and financial information without disclosing information or relying on trusted intermediaries.
Schrade pointed out that the industry is gradually moving towards what he calls the "Privacy 2.0" era, where blockchains will be driven by cryptographic shared states.
This means that everyone can encrypt their data, whether it be transaction information, medical records, or other content, and collectively compute all this encrypted data. We can build encrypted order books for private user transactions and create privacy-preserving lending markets while using various DeFi applications. Schrade stated:
The CEO of Arcium noted that the realization of cryptographic shared states is not only a significant breakthrough for the cryptocurrency ecosystem but will also drive societal progress.
Schrade added that the Web2 internet as we know it has always been constrained by a single trusted entity. Cryptography and multi-party computation now allow people and AI to process and obtain data outputs without compromising or accessing the data itself.
Schrade illustrated how cryptographic computing technology can unlock sensitive medical and health data while protecting patient privacy.
He pointed out that hospital medical records, as well as vital signs and other sensitive biometric information collected by the Whoop smart band, are highly sensitive data.
Schrade said, "This data is extremely sensitive. There is also highly sensitive government data and financial data."
Through cryptographic computing technology, these data can be connected to achieve shared insights without disclosing the data itself.
To listen to the full conversation, please visit the Cointelegraph Podcasts page, Apple Podcasts, or Spotify to hear the complete episode of The Clear Crypto Podcast. Be sure to follow Cointelegraph for more exciting content!
Related: Jack Dorsey and Peter Todd urge privacy messaging app Signal to adopt Bitcoin (BTC)
Original article: “Privacy 2.0: How Encrypted Computing Technology is Leading the Blockchain Revolution”
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