Bright is building financial services on the blockchain to solve the problem faced by many small businesses in accessing credit. The first release in our technical series, Data Vaults: Strategies for storing, verifying and sharing private data, explains our approach to overcome one of the biggest hurdles for businesses - a lack of business data on which lending decisions can be made.
While we hope that everyone will read it, we also know that skim reading is the new normal. So here’s a summary of what you need to know.
We have created a technology to facilitate the safe use of private business data, which we call Data Vaults. Data Vaults are decentralised, enable Autonomous Data, and allow for interaction strategies that we have named Storage, Attestation and Snapshotting.
What does this all mean?
Autonomous Data is encrypted data which meets the following criteria of usage and privacy.
These properties ensure that data is wholly controlled by a business and can be securely used, whilst mitigating or preventing its misuse by any third parties, including Bright.
We name the three strategies which ensure the criteria of Autonomous Data is met below:
Storage is a generalised data model and encryption scheme which requires all data to be encrypted and signed by their author to provide privacy and tamper resistance.
Attestation of data between users allows data claimed by one user to be confirmed by another user as legitimate. The network of claims and attestations between users creates a Web of Trust that can be analysed for legitimacy, risk or fraud purposes, such as in Bright Bank’s credit risk model.
Snapshotting provides the scheme to securely share encrypted data with other users of the network. It also enables use-cases such as tagging a set of data with an assessment of that data’s creditworthiness.
By using these strategies, Data Vaults orchestrate how data is encrypted, signed, stored, shared and linked together. They are the foundation of our open autonomous data sharing protocol, which enables financial services that rely on private data to be built on the blockchain.
Learn more about how we achieve private data security and usability by reading the Data Vaults technical paper now.
We will be sharing more technical papers in the coming weeks that describe the inner workings of Bright Network and Bright Bank.