Quras To Develop Private Transactions On Its Blockchain
The most prominent and over used words in the blockchain space have been ‘privacy’ and ‘security’. The blockchain tech is soon going to take over the world. It has kept security as its main
Privacy has been partially ignored due to the fact that blockchain is a public, decentralized ledger. Transparency is the key factor for making it a viable option for transactions of all forms. But confidentiality and data security are worried over by maximum global economies and major industries. And privacy, is one roadblock which makes them reluctant to adopt blockchain. For it to be adopted on a mass scale, privacy should be assured. Qurasintends to fix this.
Quras and Anonymous Transactions
Quras, the world’s first ever public blockchain, allows transactions in a smart contract. The platform, through utilization of Privacy 2.0, allows secret contracts and enables data protection despite being public in nature, and thus, makes smart contracts private.
The question that arises would be; what is the need for privacy, given the main motive of blockchain is the transparency and the ability to scrutinize and observe every transaction?
In a more global landscape, a lot of services need privacy to carry out transactions. A private blockchain network doesn’t allow authorized parties that operate transactions in a controlled, scalable network, but having a centralized nature makes it prone to data manipulation, hacking and other fraudulent activities. Qurasenables flexibility for companies in setting the right privacy protocols for the transactions by hand by allowing anonymous transactions on a public blockchain. This grants Qurasthe ‘best of both worlds’ (private and public) advantage.
Many services could still take advantage of this unique approach by Quras. Government services, due to obvious reasons, need a higher level of security and privacy to guard their transactions, and the need to follow through strict transactional laws and rules among parties. Moreover, financial services firms have control over sensitive customer data which verifies individuals before transmitting financial transactions. Data manipulation has become a common occurrence in this industry, due to the presence of malicious actors.
In a survey by Deloittein early 2019, 53% of respondents said that their organizations majorly prioritise the blockchain technology, while 83% are convinced by the use cases. However, the same survey points that 50% of the respondents worry about compromising the privacy of transactions. This might be the only reason why it is not being adopted on a mass scale, despite Amazon, IBM, Microsoft and such major companies are not only testing it but using the blockchain technology as well. Blockchain, moreover, is servicing the industries for proliferation and development purposes.
By adding anonymity to the blockchain technology, Qurasenables the protection of both business enterprises’ and consumers’ privacy, in a way that’s hack-proof, tamper-proof and trustable. Qurasalso allows a digital ID which allows regulation across any country.
“The blockchain empowers individuals and empowering an individual is the way of thinking for Quras,” QurasCEO, Shigeki Kakutani, explained. “We are making anonymous transactions on a decentralized, public network possible, all the while making these transactions easy, fast and safe. Our addressable market is not in the billions of dollars, it is in the trillions of dollars when you consider the size of global industries such as healthcare, finance, eCommerce and supply chain.”
Qurasfirmly believes that the involved parties should be able to control their own privacy, where anonymous transactions in a smart contract lets only those parties involved to see the transactional data. This allows privacy protection in public blockchains.
Qurasapplies a combination of ring signature technology and zero-knowledge proof technology to make privacy and anonymityin smart contractspossible. Industries like finance, government and ecommerce, could benefit a lot from this level of privacy, where it is required to handle huge amounts of private data.
Currently, other public blockchains do not come to use for sectors where privacy is necessary, as every smart contract transaction is accessible and open for the whole world to view. But all data that needs to stay private, stays that way with the Quras’ network. “We want to give users the choice of open, public or private, anonymous transactions respectively. With this, our aim is to have Qurasset the standard as the highest privacy blockchain in the industry,” Kakutani added.