Enigma launches a test Blockchain for enabling private contracts.

Enigma launches a test Blockchain for enabling private contracts.

GERMANY - OCTOBER 18: A four-rotor German Enigma cypher machine with a second operator display (a 'remote lampboard'), made during World War II. This type of machine, devised by the German Navy in 1939, was used to encode wartime messages requiring a particularly high degree of security. The cracking of German cypher codes by Allied intelligence was a major achievement in cryptanalysis and played a key role in the outcome of the North Atlantic U-boat engagements. The search to crack the the Enigma codes also resulted in ?Colossus?, the first all-electronic digital computer. This rare machine is thought to have been used in the post-war years for coding diplomatic traffic in Switzerland. (Photo by SSPL/Getty Images)

This blockchain is expected to enable private contracts between users.

Announced Saturday, the news marks the latest step in a journey for startup Engima to launch its own technology – developed at the MIT Media Lab, the project is based on a white paper published in 2015. Initially aimed at the hedge fund sector, Enigma now brands itself as a protocol for “secret contracts,” which it demonstrated last month at CoinDesk’s Consensus 2018 event.

As such, the announcement means that the technology, a form of modified smart contracts designed to obfuscate the origin of a transaction, as well as allow a blockchain to compute contracts without decrypting them, is now closer to real-world use.

However, in remarks, project leaders were quick to caution expectations.

Stressing the novel nature of the technology, they wrote:

“We acknowledge that development of these types of innovative technologies is non-linear and an ongoing, iterative process. We’re not simply forking an existing platform – we’re building something completely new and essential, something that will take (and has taken) many people and many days and nights to build.”

Source: {www.coindesk.com}

 

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