The origins of blockchain as many are familiar with it today can be traced back to the Bitcoin whitepaper, first published in 2008 by Satoshi Nakamoto, which offered a vision of a new financial system underscored by cryptography and trust in code.
Throughout the past decade, iterations of this technological infrastructure have gradually built out a diverse industry ecosystem, allowing for use cases that extend beyond cryptocurrencies and peer-to-peer transactions. From smart contracts to asset tokenization, across industries ranging from gaming, supply chain, Internet of Things (IoT), real estate, and many others, the proliferation of use cases across verticals are a testament to the technology’s inherent versatility.
Yet, while projects remain fixated on addressing calls for mainstream adoption and enterprise implementation, existing infrastructural flaws continue to hinder these efforts. Beyond the criticisms directed at today’s open source, decentralized, public blockchains pertaining to scalability, there’s also the matter of privacy.
In most public chains today, transactions and on-chain data exchanges are fully visible to all nodes in the whole network, allowing for greater auditability and transparency. Across industries where the sharing of sensitive data is crucial, this transparency comes at a cost, posing a critical risk that far outweighs the benefits.
The tipping point of transparency
Amid the throes of digitalization, the importance of data protection schemes cannot be overstated. Throughout the years, the rise of data as a bonafide asset has led to its prominence as a key driver of economic growth across a myriad of sectors.
Historically, whether internally or to external third-parties, data has been shared across centralized networks, leavin ..