Generally, blockchains are not considered secure for processing sensitive data. Though “security” is one of a blockchain’s main attributes, if the data is to remain “private” then this technology is, by definition, not suitable.
This is because data in a blockchain network is not private; it can be viewed by other parties connected to the network. Trusted Computing Appliances help to overcome this substantial problem. Our main focus is on the industry sectors of manufacturing (generative manufacturing procedures) and consumer goods (regulating processes).
Provides secure program areas with processor-based protection against manipulation
“Off-chain” smart contracts are processed in the protected network area
Data that needs to be processed is not shared in the blockchain
Particularly suitable for the security of intellectual property in conjunction with blockchain-based solutions
Trusted Computing Appliances
Blockchain is a distributed, database technology that allows transfer of value and information among the participants in a secure, trusted manner and in a way that ensures integrity of transactions through a consensus mechanism.
Blockchain networks are distributed by design. In other words, there are no central servers that serve the transaction requests, or central databases that hold the information related to these transactions. Instead, the information is shared across different nodes participating in the network, which means significantly reduced risk of a single point of failure or denial of service attacks.
Blockchain networks are trustless, too. What does that mean? It implies that there is no need to trust an intermediary or a third party to be sure that the transactions are being performed with utmost accuracy and precision. In other words, with the use of blockchain network, trust can simply be taken for granted!
As the blocks are connected and the complete chain is shared within the network, transactions are secure from being manipulated. Additionally, using encryption, blockchain provides a multi-layer security to assure information validity. This creates a tamper-proof history of transactions within the chain, enabling transparency in the shared information.
A smart contract is a codified form of a traditional contract or an agreement. It does not only define the rules in the same way as a traditional contract does, but also automatically enforces those obligations. It thus helps exchange anything of value in a transparent, conflict-free way, while avoiding the services of a middleman.
Private and Permissioned Networks
Blockchain networks are often implicitly considered to be public. However, enterprises that are not very keen on making their transactions publicly open, can opt for private or permissioned networks. Private networks are ideal for organizations that want to establish trust within its several, competing departments and/or employees, while permissioned networks are suitable for collaboration between distinct but previously identified organizations.
Increased Efficiency and Low TCOs
Less need for oversight, reduced number of intermediaries and reduced data redundancy increase the efficiency of the processes being exhibited in the blockchain network and lower the total cost of operations.
Increased Visibility and Transparency
The distributed and public nature of the blockchain allows for increased transparency and provenance of the information being circulated through the entire network.
Improved Collaboration and Leaner Processes
Blockchain enables a more secure, improved and simplified communication between different players in the business network. Thus, it reduces data redundancy, smoothes information flow, minimizes the intermediaries in the network and leads to much leaner processes.