MIT Blockchain Project Enigma to Launch Soon

December 24, 2015     By : Priti

MIT Media Lab’s blockchain-based encrypted data marketplace, Enigma, is going to launch its beta version soon, according to its website. Enigma will allow untrusted and anonymous participants to securely share sensitive data with a third party.

Enigma is a decentralized cloud platform with privacy. Private data is stored, shared and analyzed without ever being fully revealed to any party. Secure multiparty computation, empowered by the blockchain, is the technology behind it.

“[Enigma] is a peer-to-peer (P2P) network, enabling different parties to jointly store and run computations on data while keeping the data completely private,” states the Enigma white paper written by Nathan, Zyskind and Pentland. “Enigma’s computational model is based on a highly optimized version of secure multiparty computation, guaranteed by a verifiable secret-sharing scheme. For storage, Enigma uses a modified distributed hash table for holding secret-shared data.

“An external blockchain is utilized as the controller of the network, manages access control, identities and serves as a tamper-proof log of events. Security deposits and fees incentivize operation, correctness and fairness of the system,” the white paper continues. “Similar to bitcoin, Enigma removes the need for a trusted third party, enabling autonomous control of personal data. For the first time, users are able to share their data with cryptographic guarantees regarding their privacy.”

“The most interesting use case we’re hearing from potential users is the ability to do data science and machine learning on encrypted data sets. Other use cases include private smart contracts and ‘IoT with privacy’,” Zyskind said to Bitcoin Magazine.

The Linux Foundation, a nonprofit organization enabling mass innovation through open-source platform, announced a new collaborative effort of the financial and tech industries giants to advance the blockchain technology called the Open Ledger Project. The project will develop an enterprise grade, open-source distributed ledger framework and free developers to focus on building robust, industry-specific applications, platforms and hardware systems to support business transactions

Blockchain technology can enable major advancements in the speed and security of financial services, it allows securities to be settled in minutes instead of days; it can be used to help companies manage the flow of goods and related payments or enable manufacturers to share production logs with regulators to reduce product recalls. There is a wide range of applications for blockchain technology, and the Open Ledger Project is another step of the industry leaders in adopting it.

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Priti

Priti has keen interest in digital money and fintech startups . She completed her B-School education this year and likes to write about innovation with respect to digital payments.