Blockchain and Privacy: How Anonymous Transactions Could Shape the Future
Friday, August 9, 2019 1:45 AM
TOKYO / ACCESSWIRE / August 9, 2019 / Privacy and security have been overused words in the blockchain sphere. The technology which has taken the world by storm, has dangled security as its main hallmark, enticing industries to adopt it. Privacy, however, is another story.
Since blockchain is known to be a public, decentralized ledger, privacy has largely been overlooked. As a matter of fact, transparency is what makes it a viable option for all forms of transactions. Yet, data security and confidentiality are principal to some major industries and even global economies. And privacy, or the lack thereof, is one roadblock to adopting blockchain on a mass scale. For it to be a more mainstream, enabling technology, privacy should also be given a priority.
This is what Quras aims to do.
Quras and Anonymous Transactions
Quras is the world's first public blockchain that allows anonymous transactions in a smart contract. Utilizing Privacy 2.0, the platform is able to offer secret contracts and data protection despite the public nature of blockchain, making smart contract transactions private.
One might question the need for privacy when the whole crux of blockchain is transparency and the ability to observe or even scrutinize each transaction. However, in a more global landscape, there are a lot of services that require privacy while transacting. A private blockchain limits the authorized parties that transact in a more-controlled, scalable network than a public blockchain, but its centralized nature makes it more vulnerable to hacking and data manipulation. By enabling anonymous transactions on a public blockchain, Quras gives companies that build on its blockchain flexibility in setting the right privacy levels for the transaction at hand. One can say that this ability gives Quras a ‘best of both worlds’, public and private, advantage.
There are many services that could take advantage of Quras’ unique approach to blockchain enablement. Government services, for example, require a higher level of security and privacy in its transactions and need to adhere to strict transactional rules and laws between parties. In addition, financial services firms retain a lot sensitive consumer information that authenticate individuals before transmitting financial transactions on their behalf. In this industry, compromising data breaches have become a more common occurrence given the high value of that is placed by malicious actors on this consumer information.
In a Spring 2019 survey by Deloitte, 53% of respondents said blockchain technology is a critical priority for their organization, while 83% see compelling use cases for the technology. However, in the same survey, 50% cited privacy as their largest concern. This may be one reason why it has not been as widely adopted despite a lot of major global companies such as Amazon, IBM, and Microsoft not only testing and using blockchain technology, but also servicing the industry for development and proliferation purposes.
By combining anonymity technology with blockchain, the Quras platform is able to protect the privacy of both consumer and business enterprise data in a way that is tamper-proof, hack-proof and trusted. Quras also enables digital ID that allows for regulatory compliance across any nation-state.
“The blockchain empowers individuals and empowering an individual is the way of thinking for Quras,” Quras CEO, Shigeki Kakutani, explained.
“We are making anonymous transactions on a decentralized, public network possible, all the while making these transactions easy, fast and safe. Our addressable market is not in the billions of dollars, it is in the trillions of dollars when you consider the size of global industries such as healthcare, finance, eCommerce and supply chain.”
Quras believes that parties should be able to choose their own privacy filtering, and anonymous transactions in a smart contract enable only the parties involved to view the transaction. This allows the use of public blockchains in areas where privacy protection is required.
Quras uses a combination of zero-knowledge proof technology and ring signature technology to make smart contract privacy and anonymity possible. Industries that could benefit from this level of privacy include finance for transactions of customer assets, government for electronic voting, and ecommerce where it is necessary to handle large amounts of personal data.
Current public blockchains do not serve sectors wherein privacy is required as each smart contract transaction is open and accessible to the whole world. With the Quras’ network, all information that needs to stay private will remain private.
There are other blockchain protocols and digital currencies that are focused on privacy, but only Quras offers has the unique structure of allowing private, anonymous transactions on a public blockchain through secret, smart contracts.
“We want to give users the choice of open, public or private, anonymous transactions respectively. With this, our aim is to have Quras set the standard as the highest privacy blockchain in the industry,” Kakutani added.
To learn more about Quras and how projects are being built on its blockchain that take advantage of anonymous transactions, visit www.quras.io.
Contact: [email protected]