We kicked off the first day in Davos during the World Economic Forum (WEF) with the first day of the inaugural Crypto2030! It is an honor to be a 2024 Edition Sponsor and unite with many important organizations from all over the world to advance the Web3 space. Especially during the WEF. A gathering attended by thousands from governments, non-governmental organizations (NGOs), and leading businesses and technology firms with more than 200 sessions and countless meetings.
Let’s dive into the first day’s blockchain-related themes.
Regulations everywhere are on the rise. Panelists today covered the landscape and what the future has in store. Discussions touched on Europe’s recent Markets in Crypto-Assets Regulation (MiCA), and actions by supervisory and governing bodies like Singapore’s Monetary Authority (MAS), Switzerland’s Financial Market Supervisory Authority (FINMA), and the Financial Action Task Force (FATF). In short, key infrastructure, such ours, will be key in increasing security, privacy and transparency for all market participants alike.
Taking in the decentralized finance (DeFi) ecosystem in its entirety was also prominent. This developing ecosystem can increase trust and reliability, something close to our hearts at Partisia Blockchain and, coincidentally, a key theme of the WEF – “Rebuilding trust”. Participants discussed everything from liquidity and risk management, lending protocols, derivatives, and how DeFi is disrupting traditional finance. The feeling was that trustless technology might be one of the solutions to regain trust.
The third theme was tokenization, which has the potential to transform the financial landscape as it can be applied to a range of assets. At the center of this is blockchain technology, which drastically simplifies the process of issuing securities. Participants demystified tokenization, telling how tangible assets can be tokenized, ownership proved and the benefits of immutable records.
We also had a very productive day speaking to leaders and we attended an engaging WEF session on the role of openness in science while taking on questions of trustworthiness and bias. From the discussions, we were further convinced the key role blockchain infrastructure can not only play in boosting trust, but in supporting science’s core tenants of reproducibility and collaboration.
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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.
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ZUG, 8 JANUARY 2024. Partisia Blockchain’s advanced multiparty computation (MPC) technology powers the world’s first zero-knowledge cross-chain decentralized exchange (zkCrossDex), developed by TeraBlock. The monumental innovation was made possible thanks to the Partisia Blockchain Foundation’s grants program. TeraBlock’s zkCrossDex, elevated by MPC, ensures transactional privacy and addresses the critical front-running issue in decentralized finance (DeFi).
This integration sets a new standard in transactional efficiency and security within the DeFi sector. TeraBlock’s zkCrossDex aims to make DeFi more accessible, secure, and efficient, contributing to a more inclusive financial ecosystem.
The MPC-powered zkCrossDex seamlessly connects disparate blockchain networks and serves as a standard-setter of interoperability, enabling fluid asset swaps and liquidity flow across diverse ecosystems. Users gain unprecedented access to a wide array of assets and markets, representing a transformative development in the DeFi landscape.
Brian Gallagher, Partisia Blockchain Co-Founder, says:
“Together with TeraBlock, we are bringing a newly developed execution platform for DeFi to real-life use. This will address a few recognized weaknesses with one of the most popular DeFi solutions – automated market makers (AMM). The Partisia Blockchain is designed for scalability, interoperability and privacy and the framework uses all of these to improve AMMs.”
Addressing the complexity hindering mass adoption in DeFi, TeraBlock’s MPC-powered zkCrossDex removes barriers with its intuitive interface, making DeFi accessible and user-friendly – in line with Partisia Blockchain’s ethos of making DeFi more financially inclusive.
Shivam Tandon, Founder and CEO at TeraBlock, says:
“Our zkCrossDex is carefully designed to aggregate liquidity across multiple chains, addressing a pivotal challenge in DeFi and made possible by Partisia Blockchain’s MPC technology. The initiative strategically moves towards a more fluid and interconnected DeFi ecosystem, aiming to revolutionize liquidity management for a seamless and efficient market experience.”
The MPC-backed zkCrossDex represents a significant step towards a secure, more inclusive and technologically advanced DeFi ecosystem. Both Partisia Blockchain and TeraBlock are committed to making DeFi accessible to all, contributing to an equitable and efficient financial ecosystem.
About Partisia Blockchain: Partisia Blockchain brings unparalleled opportunities by empowering privacy-preserving, interoperable and sustainable innovation for fairness and transparency. It fuels the most secure and efficient networks to solve global problems. Distilled with 35 years of rigorous research, Partisia Blockchain future-proofs solutions, solves tomorrow’s challenges by powering fair, secure, distribution of benefits. While preserving privacy and confidentiality, it brings accountable, transparent and decentralized governance. Learn more: www.PartisiaBlockchain.com
About TeraBlock: TeraBlock is a well-established cross-chain interoperability protocol and a DeFi infrastructure-as-a-Service provider focused on revolutionizing the decentralized finance (DeFi) space. TeraBlock is committed to creating innovative solutions that make DeFi accessible, secure, and efficient for users worldwide.
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