How blockchain technology can pave the way to a new future, explained
What kind of advantages does blockchain have for DApp developers?
Blockchain technology has the ability and the scalability to offer endless opportunities for individuals and enterprises wishing to avail of more secure privacy when it comes to transactions.
Private smart contracts for DApp developers can preserve individual and enterprise privacy protocols and highly scalable infrastructure. Current blockchain technology reaches on-chain consensus in such a way that every operation is repeated by every node in order to verify its validity. This soon makes the blockchain unscalable as the network grows.
The correctness of computation is variable even under malicious majority conditions using information-theoretic Message Authentication Code (MAC), and the privacy is preserved using secret-sharing. With “state-of-the-art multi-party computation protocol” as a layer-two solution, the privacy-preserving computation can guarantee data security on blockchain cryptographically while reducing the heavy-lifting computation job to a few nodes.
Why is state-of-the-art multi-party computation protocol so important?
This protocol has several implications for the future of decentralized networks.
First, the secure computation can be used to expand the types of on-chain computation. Second, it enables data to be shared and used in a trustless network without disclosing the raw data during data-at-use so that data ownership and data usage are safely separated. Last but not least, computation and verification processes are separated, which can be perceived as computational sharding, and it effectively increases the transaction processing capacity as the number of participating nodes grows.
How to use a layer-two solution to improve the computation network?
A secure computation network as a layer-two solution applies to any blockchain system.
A certain protocol, such as proxy smart contracts, can be used as a bridge to link the blockchain and secure computation network.
Additionally, these contracts can be used to ensure that outsourced computation is completed correctly. To achieve this, a project can develop a general MPC network to support
- Secure computation
- Layer-two computation
- Verifiable computation
- Privacy-preserving data exchange
Is anyone doing it yet?
ArpaChain, a secure computation network compatible with blockchain, uses an MPC protocol that creates ways for multiple entities to collaboratively analyze data and extract data synergies while keeping each party’s data input private and secure.
Earlier this year, Arpa joined the commission on Blockchain technologies and the crypto economy of Russia. The development team also engaged in a large-scale test for preserving privacy. ARPA’s team is currently focused on architecture design for Randcast.
The project proposes a blockchain-based secure computation network of multi-party сomputation (MPC). ARPA cryptographically enables private smart contracts, unprecedented data-at-use privacy protection, as well as scalable computational sharding.
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