How to Achieve Data Privacy in Blockchain Ledgers
In 2017, the blockchain concept took center stage. It was suddenly everywhere in the news, and people were talking about it as if it were the Holy Grail. Just consider the constant stream of news on the Bitcoin cryptocurrency and payment system, one of the early blockchain implementations. And now people are thinking more broadly, and talking about all kinds of use cases for blockchain ledgers — from processing land titles and loans to sharing product construction plans.
That’s all exciting stuff. But the story shouldn’t stop there. There’s another side to the blockchain concept that people need to focus on: data privacy — which is currently a missing link in the blockchain.
Let’s take Bitcoin as an example. In order to let the simple smart contract of Bitcoin validate the distributed ledger continuously, all transaction data — including amount, source account and target account — must be available to all network participants in unencrypted form. This means that the much-heralded anonymity on the Bitcoin network is the more the result of massive obscurity than of real security measures like encryption and privacy.
Here’s the unvarnished truth: Massive obscurity does not equate to data privacy — and that’s an issue when it comes to almost any serious business use case for blockchain. Most use cases won’t work if you can’t secure blockchain transactions against read access from everybody out there.
Read the entire article here, How to Achieve Data Privacy in Blockchain Ledgers
Via the fine folks at Dell