In the internet-driven era, billions partake in data-sharing across countless platforms, raising significant concerns about how consumer data is used.
Given the alarming number of over eight billion data breaches in 2023, it’s no surprise that the majority of consumers are seeking enhanced protection and control over how their data is used.
The mainstream use of social media is contributing to a hyper-digital age that intensifies the challenges of digital privacy. This extends beyond social media, encompassing a wide array of digital platforms where sensitive information is constantly accessed by various parties.
Despite progress in digital privacy regulations, data breaches have not been eliminated.
Privacy pitfalls in the digital-first era
In 2023, the digital protection firm DarkBeam exposed over 3.8 billion records due to an unprotected database. The firm’s CEO attributed the data leaks to “human error”.
Notably, a massive leak in India exposed the personal details of over 815 million people, reportedly originating from the Indian Council of Medical Research (ICMR). A threat actor named ‘pwn001’ disclosed the breach, promoting the sale of sensitive data, including passport details, names, phone numbers, and addresses.
These data breaches, stemming from both technical and human errors, highlight the dual nature of data security risks. The integration of robust technology is essential to automate cybersecurity measures and better safeguard against unauthorised breaches.
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This encompasses the emerging digital asset sector, gaining momentum as innovative financial solutions. “From the security of a wallet to the solvency of the firm facilitating your buying, selling, and trading of digital assets — security is paramount. Protecting your crypto and digital assets, in general, has become a priority that grows every day as the digital finance industry evolves,” according to Blake Harris, an Asset Protection Attorney.
The next phase of data protection
Moving towards a more decentralised internet, secure multiparty computation (MPC) technology enables a refined solution for data privacy. First introduced in 1982 as a secure two-party computation (2PC), MPC has substantially evolved, operating as a distributed cryptographic system that allows the confidential processing of encrypted data without revealing sensitive details.
Highlighting the advantages of MPC, Brian Gallagher, Co-Founder of Partisia Blockchain, says, “MPC can perform any computation on any private input. Or, in other words, MPC is a completely distributed encrypted computer.”
According to Bloomberg data, the first-day trading volume across eleven US SEC-approved Spot Bitcoin exchange-traded funds (ETF) reached US$4.7 billion. The surging demand for digital asset-related products underscores the heightened importance of data protection, not only for the existing internet but also to secure emerging digital solutions in the next phase of the internet known as Web3.
The integration of MetaMask Institutional with Fireblocks, known for its enterprise-grade digital asset wallet security, exemplifies the importance of such solutions. Fireblocks provides digital asset solutions for institutions, including the Tel Aviv Stock Exchange.
To establish a heightened standard in data security for the Web3 internet, solutions such as Partisia Blockchain embed secure MPC data privacy and protection at the protocol level. Through this approach, over 100 million Web3 users gain access to privacy-preserving data protection measures, facilitated by the integration between MetaMask Snaps and Partisia Blockchain.
Moreover, the relevance of secure MPC in the digital world is reflected by organisations such as the MPC Alliance, which includes members like Bosch, Meta (formerly Facebook), and Salesforce, among others. This global collective fosters advancement through comprehensive cross-industry education, case studies, and collaborative efforts to address ongoing data challenges.
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For example, Polygon, the Layer-2 blockchain powering Starbucks’ NFT Loyalty program, has joined forces with MPC Alliance member Partisia Blockchain. This partnership empowers developers to focus on building smart contract apps with advanced data privacy features.
Enhancing trust in a user-centric internet
With the integration of secure MPC technology in the Web3 ecosystem, developers can construct a more secure, transparent, and user-first internet.
“Where Web3 meets MPC, consumers can control their private data even though the same data is being used in more and more data-driven reality. While this empowers the end users to get a fair share of the generated values, it also paves the way for the next generation of the internet. An internet that is moved from an information-centric model to a user-centric one – it’s as easy as MPC,” says Brian Gallagher, Co-Founder of Partisia Blockchain.
By embracing secure multiparty computation technology, the ongoing commitment to data protection paves the way for a more resilient and privacy-preserving digital landscape.
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