Homomorphic Encryption will not go [slightly] mad

Did you know that the average person has about 27 different passwords for various accounts? And that's not even counting the multiple usernames and other login credentials. With so many different account passwords to remember, it's no wonder that many people reuse the same password for multiple accounts - which is a significant security mistake.

Financial institutions have long recognized data security's importance and implemented several measures to protect against data theft. But what happens when thieves manage to steal sensitive information? Often, financial institutions are forced to pay massive fines for failing to protect customer data. This article will explore how financial institutions can benefit from homomorphic encryption, allowing data processing.

What is homomorphic encryption, and how does it work.

Fully homomorphic encryption (FHE) allows data to be encrypted so it can be processed and analyzed without being decrypted. This is a significant advantage in the financial sector, where data security and privacy are essential. In recent years, the financial industry has been under immense pressure due to factors such as information asymmetry, debt, and credit crunch.

FHE can be a game-changer in this scenario, as it enables sensitive financial data to be shared while maintaining security and privacy.

The benefits of using homomorphic encryption for financial institutions.

This type of encryption is not widely used yet, but it has many benefits for financial institutions and could help them create trust with their customers while protecting their privacy.

In one of our financial POCs, we remember when the client told us: "It would be amazing to have this tool; we have to go through NDA signatures; it will take eight months." That was a while ago, and now, it should not be like that anymore.

How to get started with homomorphic encryption.

A good resource for beginners is the website of the homomorphic association, industry, and academics. There are also a couple of articles that appeared in the technical press.

When starting with homomorphic encryption, the first thing to do is understand what information asymmetry entails. The financial sector has an information asymmetry problem because they need to keep customer data private while still using it in their calculations.

Homomorphic encryption can solve this problem by keeping customer data confidential while still allowing it to be used in calculations.

Examples of real-world applications for homomorphic encryption.

The financial sector is one area where homomorphic encryption has been widely adopted. This is because the information asymmetry in this industry requires trust, privacy, and cutting debt. These are all qualities that homomorphic encryption provides.

Tokenization is another example of a real-world application ready for homomorphic encryption. The basic idea is why not introduce tokens and their exchange value to improve FHE adoption? If extensively used, tokenization will make credit card transactions more secure by replacing sensitive card information with a token number on the payment network's end or with an encrypted string on the merchant's end.

Imagine (we have already performed this with real POCs) using FHE in a Due Diligence; legal departments, NDAs, etc., only slow down the operational process; FHE is a new form of Data Protection. Hupry decided to use a public Enterprise Blockchain that allows the best balance between transaction costs and encryption effectiveness.

In our timeline, the ICO is planned not before Q2 2023 as our token is an NFT that acts like Stablecoin. The underlying is real and not linked to any crypto-asset or cryptocurrency.

The future of homomorphic encryption.

The future of homomorphic encryption looks bright with the increased interest in privacy and the need for trustless systems. People realize they can cut their debt by paying with tokens that can be exchanged for cash while maintaining their privacy.

Homomorphic encryption is a new field in cryptography, and not many people know about it; this technology can change our perception of privacy, trust, and security.

Conclusion.

Homomorphic encryption can be a powerful tool for rebuilding trust in the financial sector. By providing a way to keep data confidential while still allowing it to be processed, homomorphic encryption can help protect consumers and financial institutions. However, this is just the beginning – many potential applications for homomorphic encryption have yet to be explored. We believe that as more people become aware of the benefits of homomorphic encryption, we will see even more amazing things done with this technology. So what do you think? Is it possible to rebuild trust using cryptography?