- Fully homomorphic encryption (FHE) is something of a holy grail for cloud network engineers, but DERO claims to have achieved it
- FHE allows encrypted files to be accessed without being decrypted first
- FHE technology could revolutionize smart contracts and potentially interest major public clients
Blockchain developer DERO claims to have created fully homomorphic encryption (FHE) to work within smart contracts, potentially ushering in a new era of blockchain security. The technology, which has become more and more sought after with the increased use of cloud networking, has the potential to revolutionize the security of operations within the cloud and now the blockchain, potentially bringing it to the interest of governments and other public bodies who value heightened security.
What is Fully Homomorphic Encryption?
In a nutshell, fully homomorphic encryption is a form of encryption that allows encrypted data to remain so while it is being processed and manipulated. This means that selected data held within encrypted files can still be processed without the need to reveal all the values of the file. This is unlike all other forms of encryption where a processor needs to decrypt the entire file in order to access any of the data.
Only those with private keys matching those of the file owner can access the data, affording an extra level of security, which is particularly useful for files stored on a third-party server, as in cloud computing. Employing FHE prevents both malicious actors and non-cleared employees of cloud service providers from accessing private data.
Homomorphic encryption has the potential to secure data stored in the cloud, enable data analytics in regulated industry, and could even be deployed in electronic voting systems to ensure privacy. Partial homomorphic encryption (PHE) and somewhat homomorphic encryption (PHE) have benefits over standard encryption, but FHE is where the technology can be used to its fullest.
FHE and Smart Contracts Could be a Game Changer
FHE is an exciting enough development in itself, but when combined with blockchain technology, and in particular smart contracts, the potential is absolutely huge. DERO’s upcoming release, called Stargate, incorporates FHE smart contracts, allowing not just data to be encrypted but all elements of a smart contract, offering the greatest level of privacy yet to blockchain operations.
DERO has promised more information in the coming days, but if they really have managed to successfully mesh fully homomorphic encryption with smart contracts then this represents an important breakthrough in blockchain security that would certainly attract the attention of a new tranche of potential users, including governments and other public bodies.