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Combatting Data Breaches with Secret Smart Contracts

August 31, 2018

 

What if I told you that the Blockchain is not really a complete solution for protecting your personal information?

 

At its core, the basic technology is still public. A Blockchain can be seen by anyone unless it is made private by the consensus protocols that run it as well as any other security measures that are built on top of it.

 

Along with this comes the ever present debate about whether the entire Blockchain industry should be based on the decentralization principle that was first suggested in Satoshi Nakamoto’s original white paper or whether we can logically allow for some element of centralization of the space.

 

Enter Enigma, which is an MIT-backed protocol that is looking to change the way that the entire Blockchain industry looks at privacy in a specific way.

 

Enigma has created a protocol that enables end-to-end encryption of smart contracts, which means that at no point during the execution of these contracts is your personal information compromised.

 

Even with this in mind, some might reasonably wonder what good this would do if the protocol was hacked, which does happen from time to time with certain Blockchain networks.

 

In the event that a hack of the Enigma protocol occurs, there is a built in feature which requires the collusion of all of the network’s nodes, in order to make the hacked data public. To put this into a bit of perspective, this means that in some cases, thousands of separate users would essentially have to agree with the hack, based on Coindesk’s explanation of the process.

 

Despite this, Enigma makes clear that their technology is not exactly ready for market. One representative who is close to its development in connection with a network called Discovery, was quoted as saying that it would be finished by some time next year.

 

 

By: BGN Editorial Staff

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