Will Martino Explores the Security of Smart Contracts
This past June, Kadena Founder and CEO, Will Martino, was invited to speak at Consensus 2019. While speaking on the panel on ‘Why Blockchain Privacy Matters to the Enterprise,’ Will discussed the benefits of a hybrid blockchain platform and smart contract technology.
Will shared a specific example in which the entity managing transactions on a private blockchain is a large healthcare company. On the healthcare company’s private blockchain is HIPAA-compliant data, and at some level, this blockchain holds the social security number of a particular patient. The consensus region of the private chain is linked to a public chain where a smart contract is available to both the healthcare company and the patient.
At some point in this example, the patient needs to share their personal information with a specialist that the healthcare company has prompted them to contact. Using the smart contract available on the public chain, the healthcare company and patient can guarantee sharing the correct information to the designated third-party through a simple on-chain authorization.
How can this technology be considered ‘simple’ when smart contract languages have traditionally have been difficult to read without a developer background? Observing how this is a widespread challenge in blockchain, Kadena designed its smart contract language, Pact. By keeping ease of use in mind, Kadena built Pact as human-readable for use by both business professionals and developers. The simplicity of guaranteeing a smart contract’s completion comes from the ability of a participant to verify the instructions included in the request. When everyone can understand what information is being exchanged, transactions become more secure and trustless.
As Will stated during his panel,
“Data is going to become a liability…and that’s going to be the pressure that pushes big corporations to care about the privacy of their data…and make sure that even if they get hacked, the data doesn’t leak out.”
Kadena has designed its hybrid blockchain and the Pact smart contract language to address the needs of how data gets shared today, as well as the challenges that have come along with it. There’s more to look forward to on Kadena’s roadmap going into next year, including the full launch of Kadena’s hybrid blockchain platform. Keep in touch with Kadena through Discord or by following announcements shared on Twitter and Medium.
