Cryptography and Blockchain Offers New Solutions for Data Privacy

Asia Blockchain Review
January 24, 2020

Experts are suggesting that cryptography and blockchain technology could provide new solutions to address the issue of data privacy as data-heavy technologies like big data, Internet of Things (IoT) and cloud computing see wider adoption.

Revolutionizing Data and Identity Management

According to Cointelegraph, blockchain can transform the way data is managed, as several organizations have already started storing sensitive data on blockchain-enabled systems.

Meanwhile, solutions involving cryptography and blockchain technology are being adopted around the world, with experts predicting the data privacy industry will experience rapid growth in the near future. 

Lilin Sun, founder and CEO of cryptographic computing network PlatON, noted how new technologies such as artificial intelligence, the internet of things, big data, cloud computing and blockchain all involve a large amount of data, which could result to data scandals further down the road.

“Privacy-preserving computation, with its profound potentials, will reach a breakthrough in this new decade. Secure Multi-Party Computation (MPC), Homomorphic Encryption (HE), zero-knowledge proof (ZKP) and other subfields of cryptography, provide the provable security guarantee for data privacy,” Sun said.

Adopting Blockchain to Enhance Data Privacy

Michael Loewy, co-founder of Tide, said blockchain technology could be highly useful for data privacy management.

“Blockchain technology presents a significant opportunity to provide a killer application to address civil-rights / humanitarian protection aspects such as privacy, by providing ‘trustless’ handling of sensitive data,” Loewy revealed. 

“For the first time, there’s a technology that removes much of the risk surrounding the access and storage of sensitive data, including the human element, while remaining transparent and auditable to prevent abuse of power,” he added.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Blockchain Enables Verification of COVID-19 Immunity
    Given the virus is not going to disappear in a hurry and we are some time away from vaccinating the ...

    November 21, 2020

    Illicit Cryptocurrency Activity: A Concern
    Market regulators such as SEC has accepted cryptocurrencies as a financial instrument and are consta...

    November 20, 2020

    IBM Using Blockchain to Help Businesses Reopen during COVID-19
    IBM’s healthcare unit, IBM Watson recently announced that they will soon be launching an app to supp...

    November 20, 2020

    Canadian Pacific Railway Collaborates with TradeLens
    Canadian Pacific Railway recently collaborated with TradeLens in a bid to improve its efficacy as an...

    November 19, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us