Economy
NuCypher’s Integration with Blockchain: Securing Smart Contract Data
In today’s digital landscape, blockchain technology has emerged as a revolutionary force, transforming various industries and providing secure and transparent solutions. With the rapid growth of decentralized applications (dApps) and smart contracts, the need for robust data security and privacy measures has become paramount. This is where NuCypher, in collaboration with Bitcoin Era which is an Online trading platform, comes into play, offering a cutting-edge solution for securing smart contract data on the blockchain.
Understanding NuCypher’s Role
NuCypher is a decentralized threshold cryptography network that prioritizes data privacy and secure sharing on public blockchains. It achieves this through the use of proxy re-encryption, a cryptographic technique that allows encrypted data to be accessed and shared securely without compromising its integrity. This makes NuCypher an ideal solution for protecting sensitive information within smart contracts.
By integrating with NuCypher, developers and users gain access to a powerful framework that safeguards sensitive data within smart contracts. Proxy re-encryption enables authorized individuals or entities to delegate access to encrypted data, ensuring that only those with the proper permissions can decrypt and view it. This delegation mechanism enhances security, as the original data remains encrypted and protected against unauthorized access. NuCypher’s decentralized nature, with independent nodes executing proxy re-encryption operations, further strengthens its security and privacy measures.
Enhancing Smart Contract Security
By integrating NuCypher into blockchain networks, developers and businesses can enhance the security and privacy of their smart contract data. Let’s delve deeper into how NuCypher achieves this:
Data Encryption
NuCypher utilizes sophisticated encryption algorithms to guarantee the security and confidentiality of data transferred within smart contracts. By implementing this approach, NuCypher effectively safeguards against unauthorized access and potential data breaches, thereby providing a robust layer of protection for sensitive information. This ensures that only authorized parties can access and utilize the data, maintaining the integrity and privacy of the smart contract ecosystem.
Access Control
NuCypher provides developers with the ability to incorporate fine-grained access controls, enabling them to specify which individuals or entities can access particular encrypted data. By utilizing this feature, the privacy of smart contract data is significantly improved, as only authorized parties possess the capability to decrypt and utilize the information effectively.
Dynamic Access Delegation
NuCypher possesses a remarkable capability to dynamically delegate access to encrypted data, distinguishing it as one of its standout features. This functionality empowers users to grant or revoke access permissions in real time, offering them unparalleled flexibility and control throughout the entire data-sharing process.
Secure Key Management
NuCypher utilizes a decentralized key management system, ensuring that encryption keys are stored securely and protected from single points of failure. This enhances the resilience and reliability of the overall system.
Byzantine Fault Tolerance
By employing Byzantine fault tolerance, NuCypher is capable of withstanding malicious attacks or network disruptions, maintaining the integrity and security of smart contract data even in adverse conditions.
Use Cases of NuCypher’s Integration
The integration of NuCypher with blockchain technology opens up a world of possibilities across various sectors. Here are some notable use cases:
Healthcare
In the healthcare industry, protecting patient data is of utmost importance. By leveraging NuCypher’s secure data-sharing capabilities, medical records and sensitive information can be stored on the blockchain while maintaining privacy and compliance.
Finance
Smart contracts have revolutionized the finance sector by enabling secure and automated transactions. With NuCypher’s integration, financial institutions can ensure that sensitive financial data, such as transaction details and account balances, remains confidential and tamper-proof.
Supply Chain Management
NuCypher’s data encryption and access control features can play a vital role in supply chain management. By securing critical information such as inventory data, shipment details, and vendor contracts, organizations can mitigate the risk of unauthorized access and data manipulation.
Intellectual Property
Protecting intellectual property is crucial for creators and innovators. By utilizing NuCypher’s secure data sharing capabilities, artists, writers, and inventors can protect their works while securely licensing and sharing them on blockchain platforms.
Conclusion
In conclusion, NuCypher’s integration with blockchain technology brings a new level of security and privacy to smart contract data. By leveraging advanced encryption techniques, access controls, and decentralized key management, NuCypher offers a robust solution for safeguarding sensitive information in various industries.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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