Our Innovation Analysts recently looked into emerging technologies and up-and-coming startups working on innovative Blockchain-based solutions. As there is a large number of startups working on a wide variety of solutions, we want to share our insights with you. This time, you will discover 5 promising multi-party computation solutions.
Heat Map: 5 Top Multi-Party Computation Solutions
Using our StartUs Insights Discovery Platform, covering 1.379.000+ startups & scaleups globally, we looked at innovation in the field of cryptography. For this research, we identified 73 relevant solutions and picked 5 to showcase below. These companies were chosen based on a data-driven startup scouting approach, taking into account factors such as location, founding year, and relevance of technology, among others. Depending on your specific criteria, the top picks might look entirely different.
The Global Startup Heat Map below highlights 5 startups & scaleups developing innovative multi-party computation solutions. Moreover, the Heat Map reveals regions that observe a high startup activity and illustrates the geographic distribution of all 73 companies we analyzed for this specific topic.
ARPA – Privacy-Preserving Blockchain
Blockchain technology enables the building of distributed and decentralized applications that keep immutable records of all transactions. However, for use cases where data privacy is of importance, blockchain alone isn’t enough to secure users’ data. Startups are working on cryptographic solutions that preserve privacy in blockchain transactions. For instance, secure multiparty computation (MPC/SMPC) allows many parties to work on distributed data while preserving the private data of each stakeholder.
ARPA is a Chinese startup that uses MPC to develop a privacy-preserving blockchain. The cryptographic solution enables private smart contracts, protects data-at-use privacy protection, and provides scalable computational sharding. The startup’s network is flexible, easy-to-use, and works with existing blockchains. The solution finds applications in fintech, digital advertising, data wallets, and healthcare, among other industries.
Inpher – Homomorphic Encryption
Secret computing enables multiple stakeholders to compute on distributed data without exposing or transferring it. In addition to MPC, the technology employs fully homomorphic encryption that allows users to run analytics directly on encrypted data. This type of encryption balances data usability with data privacy, enabling new applications for previously unusable data.
The US-based startup Inpher develops homomorphic encryption solutions for data privacy. The XOR Secret Computing Engine enables secure multiparty computation without ever exposing underlying sensitive data. The solution provides high accuracy and precision and also meets the standards for cross-border data transfer. The startup also maintains THFE, an open-source library for fully homomorphic encryption.
CYBAVO – Digital Assets Security
Multi-party computation also enables applications that only involve a single organization. As more businesses transact in cryptocurrencies and smart contracts, there is a need for solutions that secure these digital assets. Multi-party computation generates private keys, splits it into parts, and stores them on different servers. Digital asset security is useful for storing cryptocurrencies and other private keys while also allowing users to specify different privacy policies for different actions.
CYBAVO is a Singaporean startup that provides a secure wallet for cryptocurrency and other digital assets. CYBAVO Vault is a cryptocurrency storage and wallet management system for corporate accounts. The solution makes it easier for company accountants to manage digital assets, as well as offers streamlined blockchain transactions. The startup also offers secure private key management and full node ledger service for enterprise cryptocurrency applications.
PriveComms – Enterprise Key Management
With advancements in fifth-generation (5G) wireless and the Internet of Things (IoT), maintaining connections between devices are getting more complicated. For this purpose, multi-party computation provides a method to ensure secure and private authentication between these devices. MPC enables efficient enterprise key management and boosts the cybersecurity of an enterprise’s digital assets.
Finnish startup PriveComms offers cybersecurity solutions for enterprises. The startup’s Multi-Party Protocol (MPP) uses MPC to authenticate and exchange keys between multiple parties. The startup also develops PriveTX, a multi-purpose mobile device for secure communication. Further, PriveComms develops a conference platform for remote working as well as an independent network and communications platform. All of the startup’s products use MPP to authenticate and protect all connections.
Novo Vivo – Genomic and Health Data
Patient data is of great significance to medical researchers and helps pharma companies derive insights for drug development. However, hospitals often are unable to share such data because of confidentiality and privacy requirements. MPC removes data-sharing constraints and allows the sharing of genomic and health data without exposing individual patient information. This allows pharma and MedTech companies to obtain highly relevant medical data while being compliant with the Health Insurance Portability and Accountability Act (HIPAA) and other global regulations.
Novo Vivo is a US-based startup developing a platform that helps researchers access genomic and health data. The startup’s proprietary privacy-preserving technology protects personal data during clinical trials. The platform uses artificial intelligence (AI) and bioinformatics to study and interpret different kinds of medical datasets. The solution allows hospitals and pharma companies to collaboratively run predictive models without sharing patient-level data.
What About The Other 68 Solutions?
While we believe data is key to creating insights it can be easy to be overwhelmed by it. Our ambition is to create a comprehensive overview and provide actionable innovation intelligence and enable you to achieve your goals faster. The 5 multi-party computation solutions showcased above are promising examples out of the 73 we analyzed for this article. To identify the most relevant solutions based on your specific criteria, get in touch.