Blockchain Startup Enigma to Demo ‘Secret Contracts’ Privacy Tech

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Enigma will conduct the first public demonstration of its solitude oriented, blockchain based protocol in CoinDesk’s Consensus 2018 conference on Tuesday. Former Massachusetts Institute of Technology researcher and Enigma co founder and Chief executive officer Guy Zyskind first introduced the technology from 2015, seeking to reconstruct a fundamental layer of ethereum to address the blockchain’s solitude related to shortcomings. The protocol basically allows nodes to calculate using encrypted fragments of the wise contracts without needing to decrypt them, and that other blockchains can’t do. The protocol, dubbed key contracts, also facilitates coin mixing – a strategy that obscures the initial source of ether utilized inside the protocol.

Similarly, it stands apart from others solitude assurance mechanisms like zk SNARKs wherein one party can prove its possession of info at another party without revealing the info or socializing with the other party. Enigma’s protocol, and on the other hand, uses a reliable execution environment wherein the cryptography is relied upon for certainty and neither party has some info on their various data inputs and outputs. The organization, which plans to launch its testnet on June 15, claims that the data solitude furnished by the protocol is vital for the widespread adoption of decentralized applications. Particularly, the technology can be used for use cases in industries like healthcare and finance which frequently handle sensitive information and must adhere to lawful measures such as the EU’s General Data Protection Regulation .

Co founder and CPO Can Kisagun added in a statement that also solves real world problems with information sharing, data matching along with other significant, complicated issues facing global organizations. Since computations are done off series, Enigma argues that the protocol will also enable the usage of dapps in a larger scale than present iterations – like CryptoKitties, for example. With Enigma, decentralized applications will move from novelty to necessity, Kisagun claimed. Enigma website picture via Shutterstock. The leader in blockchain news, CoinDesk is a media outlet that tries for the highest journalistic standards and adheres to a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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