Unlocking tomorrow: Outlook for MPC in 2024 and beyond

by Kurt Nielsen, President of Partisia Blockchain

The need for a decentralized exchange (DEX) with a sealed bidding inspired the first practical application of the multiparty computation (MPC) technology, which was theorized some 20 years earlier. Partisia addressed the urgent need to reallocate production rights among sugar beet producers in Denmark in 2008. Fifteen years ago, Danisco, the sole Danish sugar producer, recognized the value of the MPC-based DEX solution and created a stepping stone leading to the creation of Partisia. Over the years, Partisia and, later, Partisia Blockchain expanded their offerings based on the MPC technology, developing secure auctions for the telecom and energy sectors, key management for general use and data analytics that forms a new beginning for the data economy.

A broad vision of MPC’s potential to improve resource allocation across various sectors, Partisia Blockchain’s focus on data, encompassing encryption keys, crypto assets, online identities, health records and more remain central to its appeal. In a world of large data, Partisia Blockchain champions decentralizing transparency, confidentiality and preserving privacy. Thus, transforming the data economy and to empower individuals to control their data and foster a new era of data ownership.

Looking further ahead, Partisia Blockchain envisions further advancements based on the MPC technology, including exploration into quantum computing, where the combination of MPC and blockchain may be instrumental for secure outsourcing to quantum computers. In 2024, MPC technology will transcend its niche status and become a fundamental technology that underpins the secure and collaborative digital future. The below list highlights the diverse and transformative impact MPC will have across various industries in 2024 and beyond, safeguarding privacy and revolutionizing the way we handle sensitive data.

Mainstream integration: MPC technology will become a mainstream term as more industries and businesses adopt this technology to secure sensitive data. From finance to healthcare, MPC will be a pivotal player in safeguarding digital assets and privacy as privacy protection becomes central in legislative, corporate and user environments.

More secure decentralized identity solutions: MPC will play a pivotal role in shaping decentralized identity solutions. In 2024, individuals will have greater control over their digital identities, reducing the risk of identity theft and enhancing overall online security.

MPC in blockchain networks: More blockchain networks will integrate MPC protocols to enhance privacy and security. This integration will not only bolster the confidentiality of transactions but also contribute to the overall scalability and efficiency of blockchain platforms.

Quantum-ready MPC: Acknowledging the future potential of quantum computing, the right type of MPC solutions are already quantum-resistant. Partisia Blockchain’s exploration into quantum computing will pave the way for an integration of MPC with quantum technologies, future-proofing the security of data transactions.

Growth in financial sector adoption: Financial institutions will lead the charge in implementing MPC solutions to protect sensitive financial transactions and customer data. Expect to see a surge in MPC-powered secure enclaves for financial data processing.

Faster and more ethical healthcare research: The healthcare industry will witness a paradigm shift with MPC, as medical researchers and institutions leverage its capabilities for secure collaborative research without compromising patient privacy. This will expedite the development of breakthrough treatments and therapies.

Expansion of scalable DeFi beyond blockchain and crypto: DeFi will continue evolving beyond the blockchain industry. MPC based solutions will help address financial inclusion challenges, as well as scalability and front-running, leveraging advanced encrypted computation and collaborative solutions, with an emphasis on financial inclusion, regulatory compliance, and interoperability.

Edge computing security: As edge computing becomes more prevalent, MPC will be at the forefront of ensuring secure computations at the edge. This will be particularly crucial in industries such as IoT, where data are secured and processed locally.

Standardization initiatives: International standardization bodies will actively work on establishing industry-wide standards for MPC implementations. This will lead to interoperability among different MPC solutions and foster a more cohesive and secure digital ecosystem.

AI and machine learning acceleration: The marriage of MPC and artificial intelligence/machine learning will see unprecedented growth. Privacy-preserving machine learning models, trained collaboratively across different parties without revealing individual datasets, will become the new norm, fostering innovation in AI research and applications.