R3 finally went live earlier today with Conclave, which was first released in 2019 as its confidential computing solution. Conclave supports the business blockchain Corda in several respects.
While Corda encourages organisations to exchange common details, Conclave allows sharing of sensitive information in a extremely limited manner.
With respect to financial transactions, the blockchain paves way for two banks to exchange a trade.In certain cases, it may be beneficial to disclose such transactions, such as tackling money laundering. Every phase in a dealing is presented separately.
Yet, money laundering also requires moving money via several banks. By exchanging info, it will be easy to find out the initial remitter, the intermediate measures and the ultimate destination.
The challenge is the secrecy of certain transactions. Conclave allows dealings to be exchanged in an encrypted way, without exposing details regarding any of those real transactions to banks. The computer program conducts the study and validates whether the consumer says the reality regarding the money’s origin.
It offers a vast variety of uses, spanning from computing data across many sectors to clinical research. Trusted computing can be construed as a locker or even a black box. Data from multiple organisations are fed, and a response is given, but the fed data cannot be used by someone else.
And that protected space is the SGX chipset from Intel for the Conclave. The aim of the Conclave is to facilitate implementation of confidential computing.
David Rutter, R3’s CEO said “Proprietary data—if shared and pooled effectively—holds the key to greater analytics, insight, and commercial opportunity. Yet, many firms resist sending it because of an inherent mistrust in how it will be used.”
There is an intention to combine Conclave and Corda. Nevertheless, it is yet to become a reality. The enthusiasm towards confidential computing and multiple party computation is rising. Three years back, the Linux Foundation suggested the creation of Confidential Computing Consortium, in which R3 is a member along with Google, Accenture, Intel, Ant Group and Microsoft, among others.
Furthermore, there is Multi-party Computation (MPC) Alliance, which includes members such as Bosch, Alibaba, Salesforce and NTT.
