Assignment 7
Discussion 1
SPMC will be mostly at the bank sector; For example, if the user applies for the loan in any bank, they will try to check the credit history of the user using Third-party companies, In that situation, they will the Secure Multi-Party Computation client will provide a secure privacy-preserving computation for each party data.
And they used at Business Process Outsourcing companies, which will support different sectors like call centers, human resources, accounting, and payroll outsourcing. It can help the client when they are dealing with third-party companies regarding end-user verification.
First Secure Multi-Party Computation client will take specific user data from the loan company and process using data encryption. Then they will share that data with a trusted Third party; once the third collects the desired user details, they will then share the data in ciphertext to the loan company, then loan company will encrypt that data.
OAP will reduce the forced client installation, low efficiency, and high cost of hardware deployment compared with Secure Multi-Party Computation. It mostly used in insurance companies; it is a one-to-one mapping between two addresses. Using OAP, the client should inform end-users about their policy and the conditions. It is also important that the client ask end-user identity so that the user can decide to make sure whether or not to trust the client.
PBT will apply at airline travel insurance product E-life of an insurance company, PBT is sub-division of OAP, but PBT has different categories than OAP like PBT501, PBT502, PBT701, PBT702. It will help insurance companies if the user tries to take benefit from multiple insurance companies for fraud compensation.
Discussion 2
Token represents the right to do some operations in software. In blockchain, there are two types of tokens: utility token and security token. They endow the items of token more value in blockchain world. In order to achieve asset tokenization, we propose a new kind of token in this paper, the asset-backed token, which is used for the proposed blockchain based Open Asset Protocol (OAP). Using OAP, we show to how to convert both of the real and virtual objects to asset-backed tokens on blockchain. A new method for data utilization and privacy-preserving based on OAP and compare with our previous scheme, the Secure Multi-Party Computation (SMPC). The Policy- Backed Token (PBT), which is an instance implementing OAP in insurance industry.
The Open Asset Protocol (OAP), and utilize the blockchain technique to promote the liquidity of assets. Different from the baseless blockchains and air coins, we link each token with a thing in reality so that the value of the tokens will vary with the things. For example, a contract, a company, an insurance policy as well as a car, a box of chocolate, any object that we could touch and see can be the backed thing mapping to a token on the blockchain. Thus, the assets of an individual can be described in tokens, which can be searchable by an identified blockchain address and computed under the owners authentication. The OAP provides a new method for secure data utilization and promotes the assets liquidity in policy, finance and healthcare (PHR) fields by means of tokenization.
Before the proposal of OAP, the secure multi-party computation (SMPC) is the widely applied data opening scheme with privacy-preserving property. SMPC Based Data Utilization.The SMPC aims to achieve the secure cooperative computing for a designated result among a group of parties who join to contribute data and compute resources. During the computation, the SMPC requires input isolation, correctness of computation, as well as prevention on input retrieval by other parties. The use of blockchain-based SMPC gains the decentralization property, making the computing public verifiable and transparent, but is not as efficient as TA based scheme. Simply, we describe the TA based SMPC working flow.
The assets could be real estate, art, derivatives markets, non-fungible assets, commodities, services and even identity. As for the name of a specified token, it depends on what kind of things back. For example, the backed asset is policy in insurance, thus it is called the Policy-backed token(PBT). Different from the baseless blockchains and air coins, we link each token with a thing in reality so that the value of the tokens will vary with the things. For example, a contract, a company, an insurance policy as well as a car, a box of chocolate, any object that we could touch and see can be the backed thing mapping to a token on the blockchain. Thus, the assets of an individual can be described in tokens, which can be searchable by an identified blockchain address and computed under the owners authentication.
Please make sure two response posts to given discussions substantive. A substantive post will do at least TWO of the following:
1.Ask an interesting, thoughtful question pertaining to the topic
2.Answer a question (in detail) posted by another student or the instructor
3.Provide extensive additional information on the topic
4.Explain, define, or analyze the topic in detail
5.Share an applicable personal experience
6.Provide an outside source (for example, an article from the UC Library) that applies to the topic, along with additional information about the topic or the source (please cite properly in APA)
7.Make an argument concerning the topic.
8.At least one scholarly source should be used in the initial discussion thread. Be sure to use
information from your readings and other sources from the UC Library. Use proper citations and references in your post.
