What is Multi-Party Computation as-a-Service? By its design, blockchain ensures transparency and decentralization. Transactions are recorded in a publicly available distributed ledger.
However, this transparency brings data privacy concerns as transaction data can be easily identified by malicious parties.
The rapid growth of DeFi over the past few years has led to the emergence of hundreds of dApps and DeFi protocols across various blockchain networks. Although layer-2 solutions aim to solve interoperability and scalability issues, privacy concerns remain a concern. Let's take a closer look at the origins of Multi-Party Computation as-a-Service!
History of the Establishment of Multi-Party Computation as-a-Service?
To address this issue, next-generation projects are starting to explore the concept of Multi-Party Computation (MPC) to add a layer of privacy to the data used in blockchain services. MPC distributes computing operations among multiple parties, ensuring data privacy from start to finish.
However, MPC is not the only element. As a standalone solution, MPC can offer an unmatched level of privacy. However, to integrate it successfully in the blockchain ecosystem, MPC needs to be combined with the built-in features of blockchain technology.
This is necessary to ensure transparency, consensus, and integrity are maintained without compromising privacy. Several companies have successfully combined MPC with blockchain technology, providing consumers and service providers with the desired attributes of both.
However, building an MPC solution from scratch takes time and resources. Therefore, the Multi-Party Computation as-a-Service model is emerging as an innovative solution for companies and individuals who want end-to-end privacy for their blockchain services.
Multi-Party Computation as-a-Service is similar to the traditional software-as-a-service (SaaS) model, allowing users to rent services by paying a fee to the service provider, providing flexibility to expand operations as needed.
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