fhe

The leading player in the FHE space, Mind Network, has recently introduced something new — the 'On-Chain Encrypted Messaging Protocol.' It sounds a bit convoluted, but it essentially helps you seal important information on the chain, like an envelope, so only the intended recipient can view it.

First, some background. @Mind Network specializes in Fully Homomorphic Encryption (FHE), a technology that can be simply understood as 'data can be computed on even when encrypted.' This makes it very suitable for scenarios in Web3 and AI where data is needed but there are concerns about leakage.

It has partnerships with several major Web2 companies, including ByteDance and Alibaba Cloud, and has become the first Web3 project to collaborate with the ByteDance ecosystem — working with BytePlus on encrypted AI inference and trusted agents. In terms of funding, it has received investments from Yzi Labs, Animoca, and others, and has already launched on Binance Alpha.

So what can this 'On-Chain Encrypted Messaging Protocol' do?

It allows sensitive data like contracts, transaction records, and structured documents to be placed in encrypted 'envelopes' and stored on-chain.

Only authorized individuals can unlock it; others will only see ciphertext.

Once data is on-chain, it cannot be tampered with, is auditable, but will not be exposed nakedly.

Why is it important?

Currently, most on-chain data is in plaintext, accessible by anyone, which poses risks for finance, healthcare, and RWA (real-world assets). The on-chain encrypted messaging protocol essentially adds a 'privacy layer' to the blockchain and can handle structured information, addressing a shortcoming of previous blockchain implementations.

There are many practical scenarios:

Real estate on-chain: Property transactions, lease contracts, and ownership certificates can be securely stored in NFTs, ensuring safety and verifiability.

Financial transactions: Sensitive transaction information between banks can be transmitted securely, maintaining compliance and confidentiality.

Cross-border trade: Documents, invoices, and customs information can be safely stored on-chain, preventing data leaks.

In summary, this solution transforms the blockchain from a 'transparent ledger' into an 'encrypted ledger,' and it can be directly applied in fields with high privacy requirements such as RWA, finance, and trade.

#MindNetwork #FHE