Since the invention of Bitcoin and Blockchain in 2009, many new platforms have emerged that allow consensus on the contents of a database in a P2P network. Cryptocurrencies are only the first use case.
Whenever multiple parties lack trust in each other or in a central facilitator, blockchain can be an interesting tool. In this context, trust not only encompasses the integrity of the other party, but also their ability to provide the necessary IT security. Thanks to blockchain, processes become transparent to all involved parties and no single party can keep another party from writing a new entry. In addition, the entire history of all transactions remains immutable.
Full transparency and immutability are not always desirable. Confidentiality requirements and the “right to forget” are more important than ever. Thanks to new cryptographic methods such as zero knowledge proofs make it possible to ensure the transparency of a process and to disclose information only selectively. It is thus possible to conceal the sender, receiver and content of a transaction for third parties and still have the certainty that this transaction obeys well-defined rules.
SCS can assist you in assessing where blockchain might be an opportunity or a risk for you. With our experience in decentralized application development (Dapps), smart contracts and privacy technologies, we can develop a tailor-made, productive blockchain solution from A-Z for you.
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