Data is the new most valuable asset on this planet right now. Almost every other business is trying to leverage it for its benefit by gathering as much data as possible. In addition, many companies are going remote, leading to massive data transfer on cloud applications.
This puts both consumer and company data at high risk of hacking and misusage. So, how can businesses ensure the protection of this crucial data? That’s where privacy-enhancing computation comes into the picture.
But what is Privacy Enhancing Computation
No one definition accurately describes PECs, but it is best defined as a group of many technologies that unite to ensure the highest possible level of privacy protection to data. It is also known as Privacy Enhancing Technologies.
Why is Privacy Enhancing Computation important?
Data hacks from the company lower users’ loyalty and trust. PECs are significant because they prevent any danger to the privacy of a company’s service users.
The privacy-enhancing computation uses and manages technologies that improve privacy and safeguard data against infringements, breaches, and hacker attacks. High-tech companies like Tripleblind offer great privacy-enhancing technologies.
How Does Privacy Enhancing Computation Work?
Here are a few instances of how this technology works:
Homomorphic encryption: As its name implies, homomorphic encryption encrypts data before sharing it and permits computation without needing to decode the transmitted data.
Multiparty computation: Multiple parties can work together on data using this family of techniques while maintaining the privacy of their information.
Zero-knowledge proofs: Data can be verified using this cryptographic technology without disclosing any data.
Trusted execution environments: TEEs use a perimeter-based security facility. These offer the least effective privacy-preserving techniques.
Applications of PECs
PECs have a range of applications. Here are a few examples:
Prevention of fraud: Hackers and fraudsters often target many businesses within a specific industry. They tend to specialize in it. Companies can effectively catch these fraudsters by collaborating and employing PECs.
Businesses can utilize PEC to collaborate with other companies in their sector and gather data to work on an issue like gender gap pay. It is just an example, but PECs can do many more marvels.
Evaluation of internal data
PEC allows large multinational companies to analyze and share data without being concerned about sharing information between brands or geographical boundaries. There are many strict privacy policies, and PECs ensure they are not violated.
Scientific and medical research
Numerous laws protect patient data. However, medical research must be able to protect data that spans legal boundaries and national boundaries. PECs can help with that.
Benefits of Privacy Enhancing Computation
Let’s look at some benefits of employing privacy-enhancing computation:
1) Prevents probable harm
Unauthorized individuals can quickly gain unauthorized access to data if there are no policies to protect against data breaches. On the privacy of users, it may have a significant and lasting effect.
PECs can limit access to sensitive information and data by adding extra security layers to protect people’s privacy.
2) Manages unexpected events
Monitoring the usage of private consumer information by third-party stakeholders is tough. There are privacy policies and terms and conditions in place, but there is no way to ensure they are followed.
PECs provide a unique path to secure data to analyze such unforeseen circumstances without the slightest possibility of interference.
3) Minimizes the risk of misrepresentation
Breach of personal information may put users’ sensitive information in danger. That information could be used maliciously by users to hurt other people. Data might be altered or contorted.
PECs ensure that such an interpretation of the data does not affect the original person’s legitimacy, identity, or interests.
4) Safeguards against human dignity violation
Malicious users may use the information to alter users’ personalities online. Violation of human dignity can occur due to false images about an individual.
PECs defend one’s right to live with dignity and can effectively help to prevent such situations.
In the digital transformation era, safeguarding crucial data is key to protecting user data. Firms constantly risk losing customers, clients, and investors due to data security breaches.
While ensuring that data interpretation does not impact an individual’s fundamental authenticity and interest, it protects businesses from potential harm. Therefore, using PECs to ensure data protection is the need of the hour.