NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Is Sony The Next Crypto Bank? Tech Giant Applies For A National Charter In The US
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Is Sony The Next Crypto Bank? Tech Giant Applies For A National Charter In The US

Homomorphic Encryption and Smart Contracts: Privacy and Transparency

Gautham
Gautham
1 year ago
3 mins read
NewsBTC

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin and transparency go hand in hand. While we can’t say the same about centralized exchanges and trading platforms, the Bitcoin protocol is completely transparent and offers a certain degree of anonymity as well (pseudonymity). But as technology progresses, we now have entirely different use cases of blockchain technology on our hands. Bitcoin’s underlying blockchain technology has grown beyond being a public ledger keeping a record of all bitcoin transactions.

The application of blockchain technology is now being widely explored by banking and financial institutions across the world. There are many smart contracts being built using Bitcoin blockchain as well as Ethereum. the increasing applications and use cases for bitcoin blockchain also calls for the introduction of certain features suitable for particular industries.

When it comes to the banking sector, they do not prefer public blockchain where anyone can go through their ledger on the blockchain. In such cases, a private blockchain can not only make things easier for the industry but also drive adoption.

Ethereum may have a solution for that. It includes smart contracts and homomorphic encryption.

What is Homomorphic Encryption?

It is a method of performing calculations on encrypted data without decrypting them first. This offers a much-needed leeway to make use of the blockchain technology on an as-is basis. By using homomorphic encryption techniques to store data over the blockchain, a perfect balance can be created. There won’t be any significant changes in the blockchain properties. Meaning, it will still be a public blockchain. However, the data on the blockchain will be encrypted, taking care of the privacy concerns associated with public blockchains.

The use of homomorphic encryption technique will not only offer privacy protection, it will also allow ready access to encrypted data over public blockchain for auditing and other purposes. In order words, the use of homomorphic encryption to store data on public blockchain will offer the best of both public and private blockchains in one single package.

Private blockchains are still in the exploratory phase, where companies like R3 and Linux Foundation’s Hyperledger project are working on. R3 recently announced the launch of their private distributed ledger for the banking consortium called Corda. Corda is built specifically for the banking and financial sector. It is still undergoing trials.

Ethereum smart contracts using homomorphic encryption can offer similar features and greater control while keeping all the goodness of Ethereum intact.

One of the use cases of homomorphic encryption on the blockchain, as explained by Kobi Gurkan from Shield128 blockchain security platform, takes an Ethereum smart contract for managing employee expenses. In this use case, employees who do not want their peers to know about their expenses can encrypt the expense details and send it to a smart contract. The encrypted expense will then be added to the total expenses amount. In the end, when the accounts department of the company wants to analyze the expenditure can decrypt the final contract locally to get a detailed breakdown of the total expenses. It is as good as entering the details on a public ledger, but only the final authority will get to see the details. rest of the users who have access to the contract to add details will only see encrypted entries.

Ethereum and blockchain technology offers endless possibilities, with multiple ways to achieve a single goal. It is up to the developers to decide how they want to pursue it.

Ref: Wired | Kobi Gurkan | Image: Encryption (Credits: Brett Neilson on Flickr)
Disclaimer: The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of NewsBTC.
Tweet123Share196ShareSend
Gautham
Gautham

Gautham

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

ethereum eth

Fidelity Buys $154.6M in Ethereum as Analysts Predict Move Toward New Highs Despite Outflows

Ethereum (ETH) is back in the spotlight after Fidelity clients purchased roughly 36,460 ETH ($154.6 million), signaling renewed institutional demand...

James Halver 2 hours ago
Bitcoin Price Wobbles

Bitcoin Price Wobbles — Is A Sharp Downside Move On The Horizon?

Bitcoin price is struggling to settle above $113,500 and $114,000. BTC is now consolidating and might start another decline below...

Aayush Jindal 2 hours ago
mid-october-market-rebound-whales-position-3-potential-100x-altcoins-tw

10月中市場回暖前下注焦點:崩盤後的巨鯨布局3大百倍山寨幣

在經歷短暫的市場崩盤後,加密貨幣市場再度出現資金回流跡象。根據多方鏈上數據顯示,被稱為「鯨魚」的大型投資者正趁著價格下跌重新建倉,將目光聚焦在具備技術優勢與市場敘事的新興項目上。 此次復甦的核心不僅在...

Peter Chow 3 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

cardano ada adausd

Cardano (ADA) Rebounds 2.2% to $0.70 as Whales Accumulate 200M Tokens Ahead of Berlin Summit

James Halver 9 minutes ago
Ethereum

Ethereum High Timeframe Open Interest Breakdown Confirms Market Reset Phase — What This Means

Godspower Owie 1 hour ago
Ethereum Price Consolidates Below Resistance

Ethereum Price Consolidates Below Resistance — Breakout Or Breakdown Next?

Aayush Jindal 2 hours ago

Premium Sponsors

Press Releases

  • ChatGPT-5 predpovedá, že táto minca z teba môže urobiť milionára

    ChatGPT-5 predpovedá, že táto minca z teba môže...

    11 hours ago
  • ChatGPT-5 szerint ez az érme milliomost csinálhat belőled

    ChatGPT-5 szerint ez az érme milliomost csinálhat...

    12 hours ago
  • ChatGPT-5 předpovídá, že tato mince z vás může...

    12 hours ago
  • ChatGPT-5 przewiduje, że ta moneta może uczynić Cię milionerem

    ChatGPT-5 przewiduje, że ta moneta może uczynić Cię...

    13 hours ago
  • Why Meme Coins are the Best Bets in Q4

    Meme coin tiềm năng nên mua để đạt lợi nhuận...

    14 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.