" class="no-js "lang="en-US"> Partisia Blockchain integrates its Mainnet with Polygon, unlocking Unified Smart Contracts-based technology - Fintech Finance
Wednesday, April 17, 2024

Partisia Blockchain integrates its Mainnet with Polygon, unlocking Unified Smart Contracts-based technology

Partisia Blockchain Foundation, an independent non-profit supporting the development of the world’s ultimate zero-knowledge blockchain, has completed integrating its Mainnet v3.0 into Polygon, an Ethereum scaling protocol onboarding millions to web3. The integration unlocks Partisia’s privacy-preserving computation infrastructure and a new type of smart contract — allowing Polygon developers to build use cases that require data confidentiality and privacy while using a public blockchain.

Since the launch of the first smart contract in 2009 with the launch of Bitcoin, the siloing of the two different kinds of smart contracts—public and private—has stifled the expansion of blockchain applications. Public, or visible, smart contracts provide weaker privacy posing a problem for use cases that require maintaining discreet health or financial records. Meanwhile, private smart contracts protect against outside interference or malicious activity, but they cannot be easily audited or verified by third parties. Zero-knowledge proofs have proven themselves in terms of security, yet they are not without disadvantages. From vulnerability to security breaches and even necessitating a significant amount of computations. Yet, the hurdles are removed when coupled with MPC’s ability to allow multi-user interactions. The combination facilitates the unification of private and public smart contracts to increase efficiency and introduce arbitrary confidentiality.

By leveraging zero-knowledge multi-party computation and the unified public and private smart contracts from the Partisia Blockchain, developers gain the potential to build hundreds of Polygon-powered use-cases, including:

.Decentralized search engines – Today, advertising-based search engine models expose users to a bad experience, and to the risk of falling victims to click-bait, fake news, scams, and other malware. As an alternative, the “Better Internet Search” initiative has integrated Partisia Blockchain’s unified smart contract to serve a new, ads-free experience, and produce search results without collecting users’ private data. Encrypted data never gets decrypted, and any product information provided has been computed with MPC to be as relevant to the user’s experience without personal data ever being decrypted – this is the power of zk computation.

.Monetizable data on decentralized social networks – In the short run, the better data protection of zero-knowledge MPC makes use of users’ most valuable but sensitive data in a sound and regulatory-compliant way. In the long run, this has the potential to change the power structures operating in the internet economy of today and allow for more competition on the application and service levels. A good example is the “Data for Good” platform designed to allow anyone to donate data without disclosing personal information, using MPC and blockchain to strike the right balance between confidentiality and transparency.

.Trade Finance industry and decentralized exchanges – The first large-scale and commercial use of MPC was a decentralized exchange conducted in 2008 by the team behind Partisia Blockchain followed by a number of MPC based auctions within energy, finance and telecoms. Partisia’s initial focus is on bridging different blockchains and allowing users to seamlessly move data and tokens from one blockchain and security paradigm to another. The aim is to increase participation in existing DeFi solutions and to lower the barrier to bringing DeFi to traditional markets.

.Private Auctions – With increasingly complicated supply chains and niche products, price setting and auctions are becoming an integrated part of many markets. In a unified smart contract, it is possible to keep track of buyers and sellers and the resulting trades while the bids remain confidential. Furthermore, the privacy aspect zero-knowledge MPC brings can also assist in eliminating the possibility of shill bidding, the practice of artificially boosting the price of an item through dishonest bids.

.Management of private documents and contents – The ability to keep aspects of the contract private while still allowing for public verification is crucial in cases such as medical and health data, financial identity or credit scores etc.

“We are excited to bring the potential that unified smart contracts offer to fruition,” says Brian Gallagher, Co-Founder of Partisia Blockchain. “We are confident that this technology will drastically transform the way businesses and individuals interact with each other, and we are excited to see how it will be used in the future.”

“The integration of Partisia Blockchain’s unified smart contracts based on zero-knowledge, multi-party computation opens up countless new and exciting possibilities for all Polygon developers,” says Antoni Martin, Polygon Enterprise Lead. “We are always excited to see what new innovations and use cases can benefit blockchain technology and our partnership with Partisia opens up the door for new possibilities.”

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