An overview of some of Dusk Network’s most exciting use cases is available on our website, and with it we aim to demonstrate the potential of privacy-respecting blockchain applications.
There is a growing demand for ethical innovation in the technology landscape. With the amounts of data shared online growing by the day, the demand for privacy-respecting applications is surging. The same trend is noticeable in blockchain. In their Nov 2019 report, EY & Forrester conclude that 75% of their survey respondents see their companies using public-blockchain technology in the future. According to them, the challenges to overcome have to do with scalability (throughput) and the lack of privacy in current solutions. Because of this, institutional clientele have resorted to private blockchain solutions that address the need for strict data privacy and control.
In an interview with Forbes, Ernst & Young’s blockchain lead Paul Brody disclosed that on average (after the initial consortium set-up round) only 0.5 participants join private blockchain consortia. This can be linked back to the steep membership fees - as a result of large set-up costs and costly vendor lock-ins -, and high-barriers to entry. A stark contrast in comparison to the scalability and pay-as-you-go payment model (with tokens) of the public blockchain counterpart.
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Dusk Network aims to become the privacy blockchain for financial application. By utilizing advanced cryptography and the latest zero-knowledge proof systems, we have created the ability to develop, and deploy confidential smart contracts that guarantee strict on-chain data privacy. Allow us to take you through some of Dusk Network’s real benefits versus private blockchain, and other public blockchain solutions that don’t offer privacy.
Enterprise-Grade Blockchain without Enterprise-Level Costs
Development of private blockchain networks requires large upfront investments and are notorious for their entry barriers to future participants, making it difficult to scale. With Dusk Network, participants get an enterprise-grade public blockchain on which they can start integration immediately and pay-as-they-go.
Customizable Privacy and Permission Layers
Dusk Network is the industry’s first to bring privacy and anonymity to transactions as well as smart-contracts. Additionally, tokens deployed on Dusk Network can be based on the full privacy-preserving model Phoenix, or the hybrid privacy-preserving model with permission management tools named Zedger (e.g. for security tokens).
Fast Transactions and Improved Efficiency
Transactions reach settlement finality within mere seconds through the SBA consensus mechanism. A novel mechanism that utilizes Proof of Blind Bid in order to promote decentralisation and generate a layer of trust for decentralised financial (DeFi) applications.
Digital Assets and New Business Models
Companies tap into the power of blockchain to streamline operations, and to unlock new business models. Uniquely, Dusk Network enables native confidential smart contracts that make a myriad of new financial applications possible.
As stated in our Q1 2020 Business Report, “There are commercial initiatives surrounding every deployment of Dusk Network. We will test, pilot and deploy our technology in order of increasing complexity”. Together with our partners, we are expanding the platform’s utility from Security Tokens to include more complex dApps and DeFi solutions. With some creating privacy-compliant utility tokens, others have already started the tokenization of thousands of company shareholder registries on the Dusk Network blockchain.
List of Dusk Network Use Cases
- Confidential Smart Contract
- Confidential Security Token
- Zero-Knowledge Utility Token
- Security Token Exchange
- Smart Bulletin Board
- Digital Share Registry
- Decentralized Finance (DeFi) solutions
For the latest overview and more information on use-cases please visit the use case section on the Dusk Network website. The information provided herein is for informational purposes.