Since making its way into crypto-space, Ethereum has continued in charting new courses and providing improved technology for creating smart contracts. On Tuesday the developers at ether.camp announced on its blog the release of what they called ‘Ethereum Full Transparency.’ The new product will provide better transparency of transactions and enable regular people to create useful contracts.
Better transparency of transactions
This development was inspired by the need for regular individuals to be able to create their own smart contracts.
Roman Mandeleil, CEO and Founder of ether.camp, tells CoinTelegraph:
“Smart contracts are a big winner that Ethereum is bringing to the crypto community. However, it is still difficult for regular persons to create useful contracts for themselves and also to understand other contracts that are currently running on the blockchain. This entrance barrier inspired us in ether.camp to provide better transparency of the transactions.”
Confidential information saved on the blockchain
Mandeleil notes that ‘Ethereum Full Transparency’ does not in any way risk the confidentiality of stored data. All the data is transparent and available to be traced by anybody but the confidentiality can be achieved by encryption. In other words, the confidential information is saved on the blockchain in an encrypted format, and the keys of decryption can be shared only with authorized individuals.
At the end of the interview with CoinTelegraph, Roman Mandeleil expresses his excitement about how fast the FinTech industry is being attracted to these developments at ether.camp:
“I am truly surprised at how fast the Finance and big Consultancy sector is shifting towards our direction. In ether.camp we have several such customers that are developing products and services based on the Ethereum blockchain.”