A large percentage of blockchain projects possess a public ledger of transactions, making it increasingly difficult to hold secrets of information. Created by MIT Media Lab, Enigma is an incubated project aimed at developing privacy smart contracts labeled “secret contracts”.
Eight blockchain projects are listed to implement Enigma’s protocol into their services when contracts launch later this year. According to Enigma Co-founder and CEO Guy Zyskind, these 8 projects or “launch partners” will be building on the current version of Enigma until the protocol actually goes live when they will be processing data without revealing it to an outside party.
The relationship between blockchains and privacy has always been murky with little privacy actually being provided. Privacy demands have increased and unfortunately blockchain projects have been failing to provide users with what they want. Enigma’s protocol works on top of existing blockchains making it easy for implementation.
Blockchain projects are being built for any situation from personal medical information to game apps, and some pieces of information should always remain private. On of Enigma’s launch partners, Colendi is a decentralized credit scoring and micro-lending platform.
Colendi’s co-founder, Bulent Tekmen explained, “[Colendi] requires sensitive information from borrowers,” such as bills, bank statements and national identification numbers. Not only does Enigma’s protocol allow such data to be run through Colendi’s algorithms in an encrypted form, it also avoids creating an Equifax-like honeypot for hackers to go after.
The need for Enigma will always be present and more projects will implement the project’s protocol as soon as it is launched. Ocean protocol plans to use the Enigma protocol for protecting medical information. Partnerships with Portal Network, a project turning Wallet and smart contract addresses into human readable ID’s . Other partners include Eximchain, a supply chain solution based on Quorum; ReBloc, an ethereum-based real estate data marketplace; 2key, a second-layer network that aims to disrupt social networks; and Datacoup, a platform for monetizing personal data, which is transitioning to ethereum.
The aimed deadline for the launch of the Enigma protocol is set to be before the end of 2018.