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At the end of September 2021, NEAR launched Private Shard on Open Web* to help businesses better protect their privacy. This is the perfect solution for businesses to get their hands on hot blockchain technology.
*OpenWeb: Open network accessible to everyone thanks to blockchain application.
The eternal problem of businesses
Information security is very important in business, whether it is transferring confidential information to partners or protecting customer data. Meanwhile, confidentiality is the backbone of blockchain, but to “cooperate” for the relationship between blockchain and business is an extremely difficult job.
In the past, businesses have approached this disruptive technology by adopting the consortium* model. Specifically, company A will invite partners or companies in the same ecosystem to build a blockchain, but these corporations encounter problems almost immediately after going into operation.
*Consortium: A group of businesses formed in a deal with a particular purpose.
These issues revolve around control and access as well as finding ways to move data from a company’s IT systems – often built on outdated software – to blockchain so that the company’s software can other readable. Next, businesses face the headache of throughput, the costs associated with writing and storing data on the blockchain.
These are issues that the NEAR team has been thinking about for a long time, and we believe we have found the “trump card” to help businesses embrace blockchain technology and the Open Web. We call it Private Shard.
Looking for more information: NEAR Cryptocurrency Complete
Private shard: The smooth handshake of publicity and security
NEAR’s design is a fragmented network: A global system of interconnected users, businesses, and infrastructure providers. And NEAR has the ability to split shards to fit different use cases.
Eg: Hospital medical data, student information at a university, or sensitive production data all have different requirements and needs. On NEAR, we can create a private shard that fits all these needs without the need for businesses/organizations to rebuild a blockchain from scratch.
In the consortium model, each of the above cases requires a separate system. At NEAR we don’t do that. Blockchain NEAR makes it possible for businesses to build private shards that can connect to public blockchains.
Why would a business want this feature? Consider the following example: Suppose a hospital stores its records on a private shard, there is a patient who used to visit this hospital and goes abroad and gets sick, and the doctor in that country wants to access it. profile of this patient. On NEAR, a doctor – who can publicly verify his or her identity – has the ability to simply and securely request the private shard to grant himself access to that patient’s file.
With the factory example, there are parts of production that need to be kept private, but there are also parts that need to be made public. Suppose when a customer wants to know if a certain product has been manufactured and shipped, a private shard can put that data on the blockchain easily.
For widespread adoption of this feature, the blockchain needs to be able to blend publicity and security in a smooth yet secure manner. NEAR’s private shard is the solution to that challenge and it’s super simple!
How does Private Shard work?
Since private shards act like a shard on the NEAR network, public chain contracts can become private shard contracts and vice versa.
This is done thanks to the cross-shard mechanism. Users and developers can completely monitor this exchange, and we don’t need to do any other work (even public contracts don’t need to know that they are interacting with other contracts). private).
Consider the following example: Two private shards want to interact without going through the public shards. How do they do this?
Each private shard has its own name, similar to domain names on the web. For example, if the University of Berkeley and Tencent are using this system, they will have “berkeley.edu” and “tencent.com” accounts.
Inside their private shards, specific applications will have a sub-account. For example, if both Universities are using some app to track real estate ownership, those two apps will have the accounts “property.berkeley.edu” and “property.tencent.edu” . The sale of assets between these two University entities will require a cross-transaction on the private shard and also on the public chain if a third party later wants to verify this information.
The applications these companies use will be built exactly like the ones running on NEAR: building smart contracts using Rust or Typescript. This allows creators to build interoperable user interfaces with these smart contracts, including executing transactions on private shards and public shards.
NEAR’s mission is to bridge the gap between today’s Internet and blockchains, and this will power the future. Private Shard is a core part of that mission. It helps to create an ecosystem where businesses, users and partners can interact with each other. We invite everyone to join NEAR in this mission to create a more open and inclusive web.
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