According to earlier statistics, the global scale of blockchain spending in the past year reached US$4 billion, nearly doubled compared to 2019. Blockchain uses smart contracts to verify data and provide transparency between network participants through immutable shared data, which has attracted widespread attention from countries around the world.
However, everything is a double-edged sword, and it is the same in blockchain. The widespread application of blockchain has been celebrated by everyone, and on the other hand, the technology of blockchain has also been questioned by many companies. Some companies are skeptical about sharing sensitive data on ledgers where information cannot be deleted. Fortunately, the NGK blockchain uses its own top-notch technology to show these companies the security of blockchain technology, and how blockchain technology protects the users’ data privacy.
1. Anonymize the data storage
The easiest way to avoid the problem of data privacy leakage is do not publicly store the data on the chain. Each data stored on the NGK blockchain will have a shared anonymous ID. If a user or a company wants to obtain the data, they must this ID to obtain data from another system. For example, a supply chain piloted in a strictly regulated pharmaceutical industry uses the NGK blockchain to track the medicine transactions, and then uses another private peer-to-peer application to transmit detailed information about medicine. In fact, only the anonymous identifier of the medicine is passed on the NGK blockchain. This allows companies to regulate data access and uses proven methods to protect the sensitive data.
2. Use NGK blockchain for verification instead of sharing
The real power of the NGK blockchain lies in its ability to verify data. In addition to putting the actual information on the chain, the solution can combine the unique elements of the data and share its hash value on the NGK blockchain. Hashing is an encryption method that generates random unique values from the input. In this case, the generated hash itself will not display any information, but it can verify the existing document by checking whether the same hash is generated when input into the function. Besides, the selection of data input is permitted. No critical information is sampled to create a hash and comply with the regulations. However, although companies can have a reliable data exchange method, the verification time takes too long, and the cost is too high. Therefore, if companies use NGK blockchain as a validator instead of sharing, it will greatly save time and capital costs, and improve the efficiency of data acquisition.
3. Use zero-knowledge proof to protect data privacy
Based on the two trends above, the NGK blockchain project team members took additional steps to protect data security and replaced the hash transaction details with zero-knowledge proofs. The zero-knowledge proof allows transactions to be verified without disclosing the transaction details. At the same time, it integrates ring signatures to meet the privacy protection requirements for different application scenarios. Now, the NGK blockchain has realized the characteristics of anonymity to store corporate data, thereby avoiding being tracked and cracked.
4. Conclusion remarks
Blockchain technology is gradually moving towards the public’s vision, and gradually affecting the everyone’s work and life. The NGK blockchain continues to innovate technology and improve the ecology. It is committed to providing a safer and more efficient platform for many users.