A smart contract is a self-executing digital contract stored on the blockchain. Code in the contract ensures it is executed automatically when predetermined terms and conditions are met. These smart contracts increase efficiency and render transactions traceable, transparent, and irreversible.
Use cases for smart contracts include digital identity management, insurance claims, medical care, supply chain management, financial services, real estate transactions, online payments, and government voting.
But blockchain-based smart contracts run on public ledgers and do not support privacy because all records are logged openly. This allows anyone to peer into your dealings and create potentially uncomfortable or dangerous data exposure. More problematic still, connecting even the most random-appearing addresses to the owner’s real identity is possible. See: seven things that make self-sovereign identity different.
How can smart contracts integrate privacy
Adding privacy to smart contracts has only recently become a priority. Leading proposals include Enigma, which uses Multiparty Computation (MPC) to calculate smart contract data without anyone being able to view the entire transaction. MPC involves two or more different people undertaking two or more different sides of an equation so that no one actor knows the full story. See: the three verification levels inside the ShareRing Vault.
Solutions like this may be pivotal in the future of the internet, since they balance the openness of blockchain with some basic privacy guarantees.
ShareRing is moving from a public blockchain to a permissioned one. We recognise the importance of privacy for businesses and individuals. A permissioned blockchain is different in that only authorised participants can see the transactions that are taking place. For businesses and individuals who want complete data privacy, this is a more secure option. See: ShareRing Me.
Where we sit.
ShareRing has been building this technology since 2018. The encrypted Vault and self-sovereign ID model we put in the original whitepaper are the same architecture under everything we deploy today.
If you want to discuss privacy KYC at country scale, the door is open at sharering.network/contact.
By ShareRing Team of ShareRing.
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