RAYS Network: focus on the privacy
We are happy and proud to present RAYS network to Medium community. Today we will speak about the focus on the data privacy.
It is not a secret that personal data nowadays is often stored in centralized databases that belong to the third parties. That is why there is always a risk of data leak; moreover, it stays unreported for a long time. For a small company, the leak of business important data can result in a bankruptcy; the larger businesses can face the lawsuits, loss in clients, money, and reputation. Once our data is in the hands of an untrusted party, the data owner has no control over how it is used.
With the widespread of blockchain technologies with special protocols, the various degrees of anonymity, confidentiality, and privacy became available. The data in the blockchain system can be used partly — for example, if the user wants to release particular elements of healthcare record to the service provider. Block guarantees anonymity and trust.
Hashing is the heart of blockchain technology, and personal data is protected by cryptography. There are several ways, in which blockchain technology can be used to protect personal data.
Zero Knowledge Proofs
This cryptographic technique uses homomorphic encryption. This means the privacy and security of the data can be preserved while computations are performed on it. Only authorized users can access the private of the data or transaction.
State Channels
It is the hybrid solution for privacy protection. Some interactions occur off the blockchain and then saved in the blockchain. It helps service providers to keep user data private and secure.
Bulletproof algorithm
This algorithm greatly reduces the block transaction keeping the high network scalability and the highest safety standards. The newest and best platforms stick to the Bulletproof algorithm because of its ability to handle with an error. RAYS Network uses it to ensure the safety and data privacy together with the best data protection standards.
Follow RAYS
Github — github.com/RaysNetwork
