In the recent Big Data Industry Conference 2020, which was hosted by the China Academy of Information and Communications Technology [CAICT] and China Communications Standards Association [CCSA] in Beijing, saw the release of a new set of standards to guide data circulation.
The blockchain-based platform, ARPA happens to be one of the several industry giants such as Ant Financial Services, WeBank, Tencent Cloud, Baidu, Intel among others which developed a series of privacy-preserving computation standards devised by CAICT that was released in the conference.
As the big data industry’s market share continued to grow at a rapid pace, the open sharing, exchange, and circulation of big data have become a trend. Stating the same, the official blog post of Arpa further added,
“However, data circulation is also accompanied by many issues like ownership, quality, compliance, and security. These have become bottlenecks restricting data circulation. In order to solve these problems, big data practitioners have been looking at them from different perspectives.”
Experts from CAICT unveiled the Big Data Technology and Standard Committee of the China Communications Standards Association [CCSA] where they demonstrated their progress in formulating and revising the standards of privacy-preserving multi-party computation [MPC], trusted execution environment, federal learning, and other series of standards.
And ARPA is one of the leading platforms with respect to secure multi-party computing [MPC] technology. This technology enables operations to be performed on encrypted data, thus making the data accessible for the purpose of analysis while remaining invisible and secure. On this note, ARPA further stated
“ARPA helps different organizations conduct data sharing, model training and prediction while meeting the requirements of user privacy protection, data security policies and regulations. Shared learning technology has been applied to various business scenarios such as credit, risk control, insurance, and government affairs.”
It is important to note that ARPA is a blockchain-agnostic layer-2 solution built on Ethereum that is widely used in which proxy smart-contracts are leveraged as a bridge to link the blockchain and secure communication network.
Besides, Bella Protocol, which was the first project to be hosted on Binance’s Launchpool platform, was incubated by ARPA. Additionally, in December 2019, ARPA was awarded as “China’s Top 10 Innovative Blockchain Company”, along with Tencent Blockchain, Baidu Xuperchain, Wanxiang Blockchain, JD Blockchain, and others.