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
Afriland Properties Plc helped the NASD Over-the-Counter (OTC) Securities Exchange record a 0.04 per cent gain on Tuesday, December 10 as the share price of the property investment rose by 34 Kobo to N16.94 per unit from the preceding day’s N16.60 per unit.
As a result of this, the market capitalisation of the bourse went up by N380 million to remain relatively unchanged at N1.056 trillion like the previous trading day.
But the NASD Unlisted Security Index (NSI) closed higher at 3,014.36 points after it recorded an addition of 1.09 points to Monday’s closing value of 3,013.27 points.
The NASD OTC securities exchange recorded a price loser and it was Geo-Fluids Plc, which went down by 2 Kobo to close at N3.93 per share, in contrast to the preceding day’s N3.95 per share.
During the trading session, the volume of securities bought and sold by investors increased by 95.8 per cent to 2.4 million units from the 1.2 million securities traded in the preceding session.
However, the value of shares traded yesterday slumped by 3.7 per cent to N4.9 million from the N5.07 million recorded a day earlier, as the number of deals surged by 27.3 per cent to 14 deals from 11 deals.
Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units sold for N3.9 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 million.
Also, Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, followed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units sold for N5.3 billion.
By Adedapo Adesanya
The Naira continued to appreciate on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), gaining 0.7 per cent or N10.23 on Tuesday, December 10 to trade at N1,542.27/$1 compared with the preceding day’s N1,552.50/$1.
The Central Bank of Nigeria (CBN)-backed Electronic Foreign Exchange Matching System (EFEMS) platform introduced to tackle speculation and improve transparency in Nigeria’s FX market has been attributed as the source of the Naira’s appreciation.
Speculators holding foreign currencies, particularly the US Dollar, have seen the value of their money drastically drop due to the appreciation of the local currency. This is forcing them to dump greenback into the system and take the domestic currency alternative- a move that has seen available FX increase.
Equally, the domestic currency improved its value against the Pound Sterling in the official market during the trading day by N6.81 to sell for N1,955.12/£1 compared with Monday’s closing price of N1,961.93/£1 and against the Euro, it gained N10.84 to close at N1,613.00/€1, in contrast to the previous day’s rate of N1,623.84/€1.
Data from the FMDQ Securities Exchange showed that the value of forex transactions significantly increased yesterday by $228.85 million or 257.2 per cent to $401.17 million from the preceding session’s $112.32 million.
However, in the parallel market, the Nigerian currency weakened against the US Dollar on Tuesday by N5 to settle at N1,625/$1 compared with the previous day’s value of N1,620/$1.
In the cryptocurrency market, Dogecoin (DOGE) lost 4.8 per cent to sell at $0.39116, Litecoin (LTC) depreciated by 3.3 per cent to trade at $110.25, Binance Coin (BNB) went south by 2.3 per cent to $681.44, Ethereum (ETH) dropped 1.6 per cent to finish at $3,671.08, and Cardano (ADA) slid by 0.5 per cent to $0.8837
Conversely, Ripple (XRP) jumped by 5.4 per cent to $2.23 amid a continued shift for the coin with its parent company seeing the benefits of a crypto-friendly regulatory environment for US-based companies.
XRP is closely related to Ripple Labs, a high-profile payments company targeted by the SEC in 2020 on allegations of selling the token as a security to U.S. investors. Ripple fully cleared a long-drawn court case in 2024.
Further, Solana (SOL) expanded by 0.8 per cent to $219.75, Bitcoin (BTC) grew by 0.4 per cent to $97,446.95, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
Oil prices rose on Tuesday, influenced by increasing demand in China, the world’s largest buyer, as well as developments in Europe and Syria, with Brent crude futures closing at $72.19 per barrel after chalking up 5 cents or 0.07 per cent while the US West Texas Intermediate finished at $68.59 a barrel after it gained 22 cents or 0.32 per cent.
China will adopt an “appropriately loose” monetary policy in 2025 as the world’s largest oil importer tries to spur economic growth. This would be the first easing of its stance in 14 years.
Chinese crude imports also grew annually for the first time in seven months, jumping in November on a year-on-year basis.
Speculation about winter demand in Europe also contributed to the rise in prices as the period has been known for high demand.
In Syria, rebels were working to form a government and restore order after the ousting of President Bashar al-Assad, with the country’s banks and oil sector set to resume work on Tuesday.
Although Syria itself is not a major oil producer, it is strategically located and has strong ties with Russia and Iran – two of the world’s largest oil producers.
Market analysts noted that the tensions in the Middle East seem contained, which led market participants to price for potentially low risks of a wider regional spillover leading to significant oil supply disruption.
The market is also looking forward to the US Federal Reserve, which is expected to make a 25 basis point cut to interest rates at the end of its December 17-18 meeting.
This move could improve oil demand in the world’s biggest economy, though traders are waiting to see if this week’s inflation data derails the cut.
Crude oil inventories in the US rose by 499,000 barrels for the week ending November 29, according to The American Petroleum Institute (API). Analysts had expected a draw of 1.30 million barrels.
For the week prior, the API reported a 1.232-million barrel build in crude inventories.
So far this year, crude oil inventories have fallen by roughly 3.4 million barrels since the beginning of the year, according to API data.
Official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
Also, the market is getting relief from the recent decision of selected members of the Organisation of the Petroleum Exporting Countries and its allies, OPEC+ to delay the rollback of 2.2 million barrels per day of oil production cuts to April from January. Another 3.6 million barrels per day in output reductions across the OPEC+ group has been extended to the end of 2026 from the end of 2025.
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