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Singapore, Singapore – (Newsfile Corp. – July 18, 2021) – The digital economy dilemma
The most critical and cardinal element of the digital economy is data. Data is the “oil” of the digital economy. Therefore, the safe and efficient use of “data oil” is the focal point of the global economic digital transformation. On the one hand, the digital economy has entered an era of high speed development. The global digital economy has reached 36.2% of global GDP. There is a need to open up the “data island” between businesses and establish an open and shared digital resource environment. On the other hand, the public is paying more and more attention to privacy and data security, and regulators have introduced a series of regulations to ensure information security. For example, auto makers buy parts and assemble them into cars, ownership is with the auto makers, while the parts makers also make it clear that after parts are sold to factories, factories own them. But the level of data is more sensitive. Personal data includes face, voice, name, height and other sensitive specifics of privacy. How to define data ownership between these parties? At present, there are no clear legal provisions and the industry does not have clear answers. In foreign practice, the EU has adopted very strict data protection regulations, but the entire EU data information technology sector lags behind China and in the USA.
Because data protection is too strict, data from different sources does not interact, data is not open and cannot interact to generate value and improve the efficiency of the economy as a whole. The EU is not a good example, as it does not balance the relationship between the protection of data privacy and the development of the data industry.
Privacy and data security require multi-stakeholder promotion
Faced with the dilemma of security and data sharing, secure multi-stakeholder computing “available and invisible” provides us with an innovative solution.
Multi-stakeholder secure computing is a computational process performed by multiple participants. Multiparty computer technology includes inadvertent transmission, sharing of secrets, and a confusing circuit. Multiparty IT has the advantage of high privacy and manageability, and each party has absolute control over the data they own. Secure multi-stakeholder computing can be applied to networks where participants are not trusted. Participants may know the agreed results of the collaborative calculation, but they cannot obtain or infer the original content of the data. Data flow and collaborative analysis are of great value in all industries and have resulted in many application demands. There are two main scenarios in the market:
1) Data security request
In the age of big data, the data that the company itself often cannot meet the demand for business analysis, many companies will buy the external data to extend the data source. When a business uses an external database to query, it runs the risk of disclosing information about the conditions of the query. MPC technology helps businesses set up a secure query to get more external data as long as they ensure their own data security, thus deepening digital transformation and making better use of big data technology to optimize business.
2) Joint data analysis
Joint analysis often faces two headwinds. On the one hand, it is illegal to exchange personal information on confidentiality. On the other hand, data sharing causes companies with data to lose their competitive edge. MPC technology, by inadvertently querying, makes the data non-public, the query object unexposed, and the results can be returned properly, which has an important application in the field of financial risk control.
Lumino: new ideas for secure multi-stakeholder computing
Lumino is a large-scale business that uses secure multi-party computing protocols to generate a zero-knowledge proof of knowledge system (CRS) public reference chain in a trusted manner, and it is a prerequisite and an important step for the deployment and use of confidentiality. applications in a decentralized ecosystem. The activity is now focused on the PLONK algorithm. As a practical and efficient zk-SNARK algorithm, PLONK is often used in blockchain projects and communities, which is characterized by a unique initialization process, that is, it can be used for support a variety of underlying circuit logic and multi-class application deployment.
Lumino’s vision from the start was to connect crypto geeks around the world to become co-creators and witnesses of the IT infrastructure for privacy, not just an event but a ritual. We have changed the method of centralizing system parameters to a distributed method. For a truly community-based, open-source blockchain ecosystem, each of which is the most critical link, and each participant who joins makes the last more secure, which would be ceremonial collective wisdom.
Lumino is the cornerstone of subsequent decentralization privacy protection applications based on zero-knowledge proof, and subsequent decentralization applications will only be more secure if the activity is safely terminated.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/90560