Privacy Solutions Advance To Meet Blockchain For Business Demand
Rachel Wolfson has been covering the cryptocurrency, blockchain and Web3 sector since 2017. She has written for Forbes and Cointelegraph and is the host and founder of Web3 Deep Dive podcast.
The blockchain industry continues to grow as the technology advances.
Recent findings from Precedence Research predict that the global blockchain technology market will reach $187 billion by 2034. The report notes that the North American blockchain market was estimated to be worth $8.1 billion last year.
While notable, industry experts believe that privacy is a top concern for enterprises adopting blockchain solutions.
Paul Brody, Global Blockchain Leader for Ernst & Young (EY), told Cryptonews that privacy technology is still relatively immature. This is a challenge, as Brody mentioned that the number one issue for enterprise users and serious institutional investors is privacy.
Privacy is missing ingredient for business blockchain adoption: EY exec
Paul Brody, EY’s global blockchain leader, highlights how privacy is the missing piece for blockchain adoption in businesses and provides potential solutions to enterprise concerns.#Norque #NOQ #Bitcoi…
“For any business activity – things like what you are buying, your terms and conditions, and volumes and spend – are very sensitive and competitive issues,” Brody said. “Blockchains just aren’t usable for businesses without that capability.”
Unfortunately, public blockchains don’t contain native privacy features.
Avidan Abitbol, Project Director of Data Ownership Protocol (DOP), told Cryptonews that there is a problem with balancing transparency and data ownership within blockchain systems.
“In traditional blockchain networks, all transaction data is publicly visible, which can make users
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