cryptojournalist
Public blockchains are too open, and that’s a big problem for institutions. Avidan Abitbol from the Data Ownership Protocol says companies don’t want their payments, deals, or transaction history visible to everyone. It makes them targets for scams, theft, and even market manipulation.
The Fix: Privacy Tech
New tools like zero-knowledge technology let businesses keep certain information private while still using blockchain. This means sensitive data like payments or account balances can stay hidden.
Privacy Is a Must in Other Industries
Paul Brody from EY points out that industries like healthcare need privacy too. Imagine if patient records weren’t secure—blockchain can’t work in these fields without confidentiality.
Chainlink’s Privacy Tools
Chainlink has already rolled out solutions like Blockchain Privacy Manager to allow private transactions. ANZ Bank has even tested them for handling tokenized assets securely.
The Problem with MEV
Public blockchains also have an issue called Maximal Extractable Value (MEV). This is when miners or validators manipulate transactions to earn more money. Privacy tools could help stop this by hiding transaction data from prying eyes.
