- European Union has funded a consortium of technology, cryptography, and research companies, and educational institutions.
- Distributed ledger technologies implement decentralization by publicizing the ledger throughout all its nodes.
- The EU backed consortium hopes to be able to find solutions to finding anonymity within DLTs with cryptographic methods at its core.
The European Union has funded a consortium of technology, cryptography, and research companies, and educational institutions to help form a framework for privacy, anonymity, and efficiency in privacy-focused decentralized ledger technologies (DLT).
The consortium will do so by demonstrating solutions of verifiable online voting, contract validation, insurance execution, university diploma record ledgers, update mechanisms for proof of stake-based ledgers. The consortium is an effort to back double down on a privacy functionality to distributed ledger technologies.
The consortium consists of 10 members, namely, Guardtime, IBM, Input-Output Research, University of Tartu, Eindhoven University of Technology, Smartmatic-Cybernetica Centre of Excellence for Internet Voting OÜ, University of Salerno, GRNET, The University of Edinburgh, and GUNET.
Distributed ledger technologies implement decentralization by publicizing the ledger throughout all its nodes. PRIViLEDGE claims that allowing all the nodes to view the data prevents this technology from finding privacy-oriented applications that need to decentralize critical information like trade secrets or personal information.
The EU backed consortium hopes to be able to find solutions to finding anonymity within DLTs with cryptographic methods at its core. New cryptographic techniques and protocols will be devised to protect the decentralized data, provide infrastructure for privacy-oriented applications, and help DLTs achieve new capability.
The research done by PRIViLEDGE will also be guided periodically by an external advisory board that is put together by the consortium that comprised of industry professionals. The committee will also discuss and form consensus for the “marketing and innovation stimuli, as well as research directions.”
The group also says that the technology they are building has several use cases, and they hope for the applications of their research to reach far beyond the scope of PRIViLEDGE’s goals.
Charles Hoskins, CEO of Input-Output Research, has stated that the consortium plans on releasing a research paper on the topic of decentralized cryptography-based distributed ledger technology during the summer.