Building Native Privacy for Real-World Blockchain Adoption
Over the years, public blockchains have shown that it is possible to build open, verifiable systems that handle valuable transactions at scale. However, despite continuous improvements in performance and scalability, blockchain technology has yet to see massive adoption. The biggest crypto-native applications have a fraction of the average web2 application’s user base, and many are confined to a narrow set of use cases. The problem has less to do with cost and speed and more with the inability of (public) blockchains to handle sensitive information privately and securely. Modern software depends on “secrets” such as personally identifiable information (PII), authentication credentials, API keys, proprietary data, and other information not intended to be accessible to unauthorized individuals or systems. Because blockchains are open and transparent, web3 applications cannot offer the same guarantees and benefits as traditional web2 applications.