For MultiParty Blockchain Transaction Signing & More!
This page provides an overview of how multiparty computation (MPC) enables multiple parties within a single organization, or across different organizations, to collectively approve contracts and payments using a decentralized trust model. It also provides links to white papers that provide further insight.
White Paper: An Introduction to MPC
Decentralize Trust to Maximize Security & Collaboration
Private (permissioned) blockchains such as Hyperleder Fabric, R3 Corda, and VMware Blockchain (Project Concord) promise to unleash collaboration and automation. Central to collaboration is allowing multiple parties from different companies to interact online to transact and issue payment for goods and services, in an automated manner.
Public blockchains like Bitcoin and Ethereum support multiparty transaction approvals to ensure that payments are only issued when a set of pre-defined criteria is satisfied. Threshold Signatures based on multiparty computation (MPC) offer industry leading security, with superior on-chain efficiencies. It does so by decentralizing trust in the form of key shares which are used to generate signatures to approve transactions. This same requirement for secure transaction approvals applies to Private blockchains, allowing one company to have multiple approvers sign off on payments when appropriate.
As business models evolve, true collaboration may also include the ability for multiple parties from different companies, to collectively approve transactions. In this scenario, the concept of decentralized trust encompasses more than greater security to enable decentralized control. Threshold Signatures based on MPC can be implemented to assure that each party’s personal share never comes under the control of or visibility to any central party, including security system administrators.
This heightened level of decentralized trust promises to unleash collaboration innovation to achieve the full potential of blockchain and other decentralized services.
For more information…