Right now, data is the asset with the highest market value on the entire planet. Almost every other company is attempting to use it to their advantage by compiling as much data as they can get their hands on. In addition, an increasing number of businesses are moving their operations online, which has resulted in an enormous amount of data transfer using cloud applications.
Because of this, the data of both customers and businesses are at an increased risk of being hacked and misused. The question now is: how can businesses guarantee the safety of these essential records? The use of computation that protects users’ privacy is one solution to this problem.
The question is, what exactly is privacy-enhancing computation?
There is no one definition that accurately describes PECs; however, the best way to define it is as a collection of many technologies that work together to provide the highest level of privacy protection that is possible to data. The term “Privacy Enhancing Technologies” is another name for this.
Why is it important to have privacy protecting computation?
Users’ trust and loyalty in the company is diminished when it engages in data hacking. PECs are important because they eliminate any risk to the confidentiality of the information that a company’s service users provide.
The computation that enhances privacy makes use of and manages technologies that improve privacy and safeguard data against infringements, breaches, and hacker attacks. These technologies also help to improve privacy. Companies in the high technology sector such as Tripleblind offer great technologies that enhance users’ privacy.
What steps are involved in the process of Privacy Enhancing Computation?
The following are some examples that illustrate how this technology operates:
Homomorphic encryption: Homomorphic encryption, as its name suggests, encrypts data prior to sharing it and enables computation without the need to decode the transmitted data. Homomorphic encryption is a type of encryption.
Using this family of methods, multiple parties can collaborate on data at the same time while still protecting the confidentiality of their individual information through the process known as multiparty computation.
Proofs that require no prior knowledge are known as zero-knowledge proofs, and they allow data to be validated using cryptographic technology without the need to reveal any data.
Trusted execution environments, also known as TEEs, make use of a security facility that is based on a perimeter. These methods of protecting privacy are the least efficient of the available options.
PECs’ many potential applications
PECs can be utilised in a variety of contexts. The following are some examples:
Hackers and other con artists frequently target a large number of businesses within a single industry in order to commit fraud. They have a proclivity toward specialising in it. By working together and employing PECs, businesses increase their chances of successfully catching these fraudsters.
HR
PEC allows businesses to work together with other organisations in their industry to collect data and collaborate on addressing issues such as the pay gap between men and women. This is just one example of the many marvels that can be accomplished with PECs.
Examination of the records kept in-house
PEC makes it possible for large multinational corporations to analyse and share data without the need to worry about information being shared between brands or crossing geographical boundaries. There are a variety of stringent privacy policies, and PECs make certain that none of them are broken.
Investigations in the fields of science and medicine
Numerous laws protect patient data. However, medical research must be capable of safeguarding data that crosses both legal and national borders. PECs are able to assist with this matter.
The Advantages of Using Computations That Improve Privacy
Let’s take a look at some of the advantages of utilising computations that enhance privacy:
1) Prevents probable harm
If there are no policies in place to protect against data breaches, it will be very easy for unauthorised individuals to gain access to the data without authorization. It is possible that this will have a significant and long-lasting effect on the users’ privacy.
PECs can protect people’s privacy by limiting access to sensitive information and data by adding additional security layers to their infrastructure.
2) Takes care of unforeseen occurrences
It can be difficult to monitor how third-party stakeholders use personally identifiable information about consumers. There are terms and conditions as well as privacy policies that are in place, but there is no way to ensure that they are adhered to.
PECs offer a one-of-a-kind means of keeping data secure, making it possible to investigate previously unanticipated events without even the remotest possibility of interference.
3) Reduces the potential for inaccurate representation
A breach of users’ personal information could put their sensitive information at risk. Users could potentially harm other individuals by using this information in a malicious manner. The data could be manipulated or twisted in some way.
PECs take measures to ensure that such an interpretation of the data does not have an effect on the legitimacy, identity, or interests of the original person.
4) Precautions to be taken to prevent the violation of human dignity
Users with malicious intent could potentially use the information to alter the personalities of other users while they are online. A person’s human dignity could be violated if they were given false information about themselves.
PECs are important because they protect the right of individuals to live with dignity and can effectively contribute to the prevention of situations like these.
Conclusion
In this age of digital transformation, it is absolutely essential to protect user data by backing up important data. Because of breaches in data security, businesses constantly run the risk of losing customers, clients, and investors.
While at the same time protecting businesses from any potential damage, it guarantees that the interpretation of data will not compromise the fundamental authenticity and interests of an individual. Consequently, utilising PECs to ensure the security of one’s data is an absolute necessity in this day and age.