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Privacy-preserving computation on blockchains could prevent breaches

Published 07/10/2021, 10:37 AM
Updated 07/11/2021, 12:40 PM
Privacy-preserving computation on blockchains could prevent breaches

In the 19th century, the barons of American industries rose to prominence by leveraging their hold on tangible resources like oil and steel. Today, corporate titans seek to attain even greater heights of wealth by gathering consumer data. But now, like then, the benefits of accumulating such resources come paired with a significant business risk: spillage.

Like oil spills, data leaks — regardless of whether they occur accidentally or as a result of hacker interference — can cause companies and consumers significant financial, legal and political harm. Consider the fallout at Facebook (NASDAQ:FB) earlier this year. In April, the phone numbers, full names, email addresses and locations of 533 million users were shared to a hacking forum, prompting an outcry from consumers and governments alike.

Felix Xu is a co-founder and CEO of ARPA. Felix graduated with Finance and Information Systems degrees from New York University. For the past six years, Felix has been working on venture capital investment in fintech, big data and AI startups. Most recently, Felix led blockchain sector research and early-stage investment at Fosun Group, one of the largest conglomerates in China.

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