Data is the new oil they say and rightfully so. In this digital world, almost every company or entity requires user data to function. This data aids the innovation, development, training, marketing, and design decisions of these companies.
Now, blockchain networks like Bitcoin and Ethereum make all their user data available on a public ledger for companies and developers to work with. Though this is extremely beneficial, it raises concerns about privacy among users. In fact, this could be a major roadblock for mass blockchain adoption. To solve this problem, we’ve seen several privacy protocols emerge. But, these protocols block data sharing altogether making it hard for businesses. So is there a middle ground? Well, thankfully there is.
Founded in 2018, ARPA is a privacy-preserving protocol based on blockchain. The main aim of ARPA is to enable sharing and analysis without the need to share it publicly. This is achieved by deploying cryptographic Multi-Party Computation (MPC) protocol.
This Multi-Party Computation protocol allows multiple parties or multiple entities to collaborate with each other, analyze data, and even extract synergies. This entire process is implemented while maintaining each party’s data private. This is called a secure computational network and each node is called a secure computation node. ARPA introduces the concept of data renting by separating data utility and ownership.
ARPA also supports proxy smart contracts that act as links between the blockchain network and the computational network. These smart contracts double as verifiers that verify the correctness of the computation using Message Authentication Code (MAC). Besides, the ARPA mainnet also allows for the secret sharing of private data and scalable computational sharding.
This private sharing of data gives rise to some interesting use-cases in the real world. For instance, banks and other financial institutions can collaborate with each other to blacklist fraudsters without actually revealing private user information.
The best part is that all of this can be done on a decentralized network without the need for any third-party involvement.
In addition to all this, ARPA enables developers to build secure dApps that make use of its privacy-preserving protocols.
Ever since its launch in 2018, ARPA has been pushing boundaries for the mass adoption of privacy-preserving computation. It has partnered with some major tech giants across the globe to ensure secure data sharing.
One such major partnership is ARPA’s recent collaboration with Amazon Web Services. As a part of this partnership, ARPA’s secure computational nodes were deployed on the AWS network and listed as a product. Using this, the users of AWS will be able to set up a private computation locally and operate globally. Users who wish to secure their data from being misused can use ARPA’s node to secure their data as well as applications.
Apart from this, ARPA has also partnered with Litentry, a cross-chain identity aggregator to enhance the security of data on the network. Other notable partners include Phoenix Global, Tencent Cloud, and China Unicom.
It is safe to say that ARPA has been well received by the market and its adoption is only expected to rise in the future. The native toke ARPA has also been listed on major exchanges such as Binance, Bithumb Korea, Huobi Global and has a current circulating supply of 1.04B ARPA.