Privacy. You know it’s important. I know it’s important. And there are some great privacy projects out there. However, adding a privacy component to a public, transparent blockchain is difficult. Really difficult.
So in an attempt to offer privacy where we need it but be more practical for the world as it is today, one of our favorite projects, Secret Network, has a new type of privacy to offer. The name is Decentralized Confidential Computing (DeCC). Let’s see what it’s about & some of the best ways to use DeCC.
What is DeCC?
When most of us think of privacy, it’s all or nothing. We have no privacy OR every part we are doing is private. Privacy advocates like that because they want everything to be private. We get it. But that’s also not reality.
The reality is that privacy is a sliding scale. If I send 20 USDT to one of my buddies to pay for something, I don’t really care that much if it’s private or not. But other data I DEFINITELY do not want to be available on a public chain including health data, personal info, or every investment I hold. Even though, a good wallet tracker and block explorer can find out what investments I have.
Secret Network understands this. They’ve been pioneers of privacy for a long time. This is why they have come up with the tech and the name of DeCC. Unlike full privacy where there is an on or off switch, with DeCC, you can shield some of your most sensitive information and leave other information public. That’s even when both transactions are with the same dApp.
Indeed, this is an evidence On-chain privacy is one of the missing piece on chain & #Web3 needs
Decentralized Confidential Computing #DeCC to thrive.@SecretNetwork is one of the most underrated project every web3 project need for Confidential Computation#DeCC is the future https://t.co/0zP2xjn6Y2— Aliyu (@Aliyu5g) April 30, 2024
It’s a real advance in Privacy for the real world. Secret Network has a cool side event going on later this month during Consensus. On May 28th, there will be DeCC Day. You can register now especially if you are already going to the conference as it’s an authorized side event. So with this in mind, let’s check out 2 great use cases for DeCC and Secret Network.
Announcing #DeCC Day at Consensus, a special @consensus2024 side event!
Sponsored by @SilentSwapcom and @PhalaNetwork!Join us May 28th, 6pm-10pm for an evening of innovation, networking, and a deep dive on Decentralized Confidential Computing!
RSVP👇https://t.co/RjHljZXCOB pic.twitter.com/BXmPirYrcQ— Secret Network (@SecretNetwork) May 6, 2024
Scientific Applications
One of the best use cases for confidential computing is in scientific applications. As I mentioned, with DeCC, you are in control. You decide what data should be public and what you should protect. Nowhere is this more important than with scientific experimentation.
When doing a scientific experiment, the most credible studies are what the industry calls “double-blind” studies. These are where neither the person receiving the treatment nor the doctor knows who received what. The idea is to reduce the placebo effect and biases for or against the treatment.
It’s the gold standard. But what if a scientific experiment did not require your physical presence like these typical double-blind experiments do? What if Johns Hopkins in Baltimore or University College Hospital in London wanted an experiment where people didn’t have to come to Baltimore or London to do it?
From early adoption of the Interchain Stack to pioneering Privacy as Service…
In its next evolution, @SecretNetwork aims to bring Confidential Computing to all Web3.
Discover how any blockchain can perform confidential computation powered by Secret ⬇️https://t.co/pQsZK1vhfK
— Cosmos – The Interchain ⚛️ (@cosmos) May 13, 2024
That opens up the field of who scientists can use in their research by 1000 fold or more. How much would that advance medical research? With technology like DeCC, if you fit the specific parameters for a study, Johns Hopkins can use you even if you are in Singapore or Buenos Aires, Dubai, or Cape Town.
But with one important difference. You are in control of your data. Also, you are allowing them to use it and they will pay for that data. You are keeping your data private except to the specific researcher to whom you allow access. In some cases not even the researcher would need to see the data in order to compute it, leaving only the verifiable results visible.
This is like taking double-blind to the next level. Like it’s triple-blind. The researcher and participant don’t know the treatment AND the Researcher and Participant don’t know each other either. Plus, as with all DeCC data from Secret Network, it’s encrypted for your protection so no unauthorized people see your sensitive data.
Digital Deeds and Ownership for RWA
This use case for DeCC is related to a hot, fast-growing narrative. Real World Assets or RWA. Imagine if you opened up an account at Schwab or Fidelity or Credit Suisse for investment. But then, every time you invest and every project you invest in whether stocks, bonds, real estate, currencies, whatever, EVERYONE can see exactly what you buy, when you buy, and how much you buy.
Isn’t that ridiculous? Who would agree to that? That’s when stuff like this happens. In this scenario, it’s already bad enough the bank or investment firm can see it. But they have to manage the paperwork for tax purposes wherever you live.
Yet we expect RWA as a sector to be successful with this level of public disclosure. Someone good at wallet tracking and using block explorers can see everything your wallet has done. And you only need a little more investigation to credibly link that wallet to a person.
And don’t get me wrong. I expect RWA will be successful. Everyone at Altcoin Buzz thinks it too. But then think about this. What if you can transact on the chain you want for an RWA transaction like:
- Fractionalized real estate.
- Tokenized stocks.
- US Treasuries.
But, your transaction info stays private? Isn’t that the best of all worlds? The access you need, the investment choices you want, and the privacy you deserve. When RWA platforms and projects digitize their deeds and ownership, they can make that private too. This is a true, practical, real-world use case for DeCC that we need right now. TODAY.
Decentralized Confidential Computing #DeCC is the backbone of future privacy!
And $RLC #iExec has pole position⚡️#crypto #DePIN #AI #RWA #btc #cudos #ankr #flux $fil #rndr $fet $inj $tao #near $GRT $RNDR $TAO $FET $OCEAN $AKT $AIOZ $GLM $TRAC $NOS $CQT $ZIG $AITECH #RSS3 $MPL https://t.co/AMDPaF78T9 pic.twitter.com/xColzUnjhh
— $RLC iExec Ambassador (@iExecAmb) April 7, 2024
Is someone concerned about privacy really going to set up a new burner wallet each time they invest? Absolutely not. So keeping sensitive transactional data private is vital for RWA’s success.
Both the RWA platform could use DeCC to privately digitize the deeds, and then buyers can use it to shield their ownership amounts from the public. It’s like bringing the investing data room into the 21st century and in a decentralized way. And with that, everyone wins. Transparency in blockchain is a wonderful concept. However, everyone does not have to have access to everything at any time.
That’s the essence of Decentralized Confidential Computing. The blockchain doesn’t decide. The project doesn’t decide. You decide. It’s your data. Who you show it to is your business. And with scientific experiments and digital asset ownership, these are just 2 of the many use cases we see for DeCC.
All these options and choices are coming to you from the Secret Network. Maybe it’s been a while since you’ve last checked out Secret Network. They’ve made lots of improvements recently. Click on this link and go check out what they are up to and see how DeCC can help you decide what data you want to disclose and when.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by The Secret Network. Copyright Altcoin Buzz Pte Ltd.
