Estimated reading time: 3 minutes, 27 seconds
While 2017 may have been the year of the ICO, you could make an argument that 2018 has been the year of the partnership. More and more businesses are pairing with blockchain projects in order to solve their existing problems.
That’s what we do here with Business on the Blockchain. Keep you up to date on these major partnerships, and this episode is no exception.
Enigma and Intel
Enigma and Intel are the latest duo to commit to researching blockchain solutions together.
You’ve likely heard of Intel. They are the second most profitable semiconductor producer behind Samsung. They have been creating processors for home computers and laptops since the 1990’s. If you’ve bought a pre-constructed laptop via retail, you’re likely going to be getting an Intel processor as part of that package.
On the other hand, Enigma is a little bit newer to the scene, as blockchain based projects tend to be. I mean, the technology isn’t even a decade old yet. So let’s give you a quick rundown on what Enigma is and what they aim to do.
What is Enigma?
Enigma addresses a simple problem concerning blockchains where all information is public. For several uses, you might not want to send that information publicly because the data is private or sensitive. Are businesses going to want to transact over a blockchain where all of their proprietary data has to be broadcast publicly? Not a snowball’s chance in hell!
This leads to something called data loss. As soon as you monetize your data and sell it once, what’s to keep the buyer from turning around and selling your data? So, Enigma allows for the verification and processing of this private information, ensuring the validity of the data without actually exposing that data to the buyer.
And this has some great implications — not just for businesses, but people who want to control their own data. Gone are the days of giving all of your data to Facebook just to access that platform. Furthermore, Enigma would allow processing of your data without broadcasting it publicly. This potentially cuts down identity theft.
Watch our interview with Tor Blair, of Enigma, to learn more about the project.
The many potential use cases
This opens up several uses for the Enigma technology. Personal data has been monetized by the likes of Facebook and big data. Enigma has the potential to completely disrupt this model, and allowing the user to monetize their own data. No longer would you be the product. Healthcare is another example. You can check medical records for pertinent data, like allergies, all without exposing the patients complete medical history.
However, privacy isn’t the only goal Enigma has. According to Enigma founder, Guy Zyskind, Enigma aims to:
“create the first platform for scalable, end-to-end decentralized applications.”
Enigma recognizes that blockchains are going to have to scale if they are going to have any use. And that scalability also has to be done in a secure manner.
The Enigma and Intel Announcement
According to this announcement, Enigma and Intel share these values. The announcement doesn’t give us the full picture on how Enigma and Intel will collaborate. However, it does show that Intel is interested in the use of public blockchains that are private and scalable.
Business on the Blockchain is a new series aimed at keeping you up to date on all of the big business moves towards blockchain technology. More and more businesses are exploring cryptocurrencies and blockchain, and we’re here to help you understand how some of these businesses are making this transition. It’s an exciting time for blockchain adoption, check out which businesses are jumping onto the wave!
If you enjoyed this video and series idea, please give us a “Like.” And don’t forget to subscribe to our channel so you can stay tuned for our more installments of Business on the Blockchain! Feel free to reach out too if you have ideas for us to cover!