The founder and CEO of GXChain, MQ Huang, has given a ringing endorsement to the concept of trusted computing, labelling it as a huge commercial opportunity which is set to explode. Huang made his comments in a speech titled, “Opportunities for the Development of Trusted Computing and Blockchain” on June 15 at the “A New Waveof Data Business — Trusted Computing Business Seminar”. The seminar was hosted by GXChain and CompuTa and co-organized by the Hangzhou Association o Blockchain Technology and Application.
Huang is confident that trusted computing allows for the advocates the implementation of big data computing while also protecting the privacy of users, improving social efficiency and the economic value added of data. Industry experts anticipate that trusted computing will result in a much larger-than-expected expansion of the global digital economic market, with estimates for growth seeing an upward revision of its value from $23 trillion to $70 trillion over five years, adding nearly $47 trillion of market space.
Challenges in Big Data Application
Since 2010, big data has been widely used and has impacted positively on all aspects of peoples’ lives. Big data technology has greatly improved social efficiency, but its applications eroded users’ privacy.
Peoples’ personal data is now strictly protected by new data management regulations in various countries, with the General Data Protection Regulation (GDPR) – the Personal Privacy Protection Act promulgated in Europe, being an example of individuals can now choose and restrict how their personal data is used. However, although these laws and regulations protect personal privacy, they will inevitably reduce social efficiency due to the constraints placed on the use of personal data.
There exists, therefore, a clear contradiction between improving social efficiency and protecting personal privacy, and trusted computing can act as a balancing agent that works to ensure data privacy in the age of large data computing.
Enhancing trusted computing via blockchains
Trusted computing advocates the protection of individuals’ privacy while implementing big data computing to enhance social benefits and the economic value added of data. At the same time, the blockchain boasts open source code, decentralized nodes, non-tampering, open accounts, intelligent contracts and asset transparency, all of which work to promote users’ confidence in the system’s integrity.
MQ Huang believes that when trusted computing runs on the block chain, it will be greatly enhanced and capable of delivering benefits through the following three new characteristics:
Strong Neutrality: With decentralized nodes, blockchain computing can remove the trust barriers between data cooperation by ensuring that the platform cannot steal users’ data.
High Compliance: The blockchain can eliminate legal questions about data sharing by ensuring that all users can easily understand and confirm their data rights and compliance agreements.
Low Business Cost: The blockchain offers transparent assets and open accounts, which can wipe out questions of trust in business cooperation and benefit distribution, thus ensuring expenditure, income and profit transparency via settlements with open, clear and transparent accounts.
Trusted computing, therefore, caters for the common demands of modern global businesses: neutrality, low legal risk, data non-disclosure, and data value enhancement. At the almost same time, Facebook stepped into cryptocurrency by launching the Libra, it will be used as an intermediary for transferring traditional currencies. And undoubtedly GXChain team will also deploy the trusted computing protocol on Facebook’s Libra and support the liquidation between the businesses via Libra’s as the stablecoin.
Blockchain Is Leading to Explosion in Trusted Computing Business
According to open data statistics, global total data in 2018 stood at 18 ZB, of which 10% was used for data exchange calculation. The global digital economy is currently worth $14 trillion, and it is expected to grow at 8% annually over the next five years. At this trajectory, the global digital economy will be worth $23 trillion by 2025.
Huang has even greatly ambitions for global digital growth based on his confi-dence that the introduction of trusted computing will result in three important outcomes: first, the barrier of data islands will be released on a large scale; second, a large amount of incremental data will be involved in the calculation; and third, the economic value added of the overall data will greatly — and rapidly — increase. Assuming that the proportion of global data participating in exchange and calculation is increased from 10% to 30%, the market size of the global digital economy will grow from 8% to 26%; therefore, the market value of the global digital economy will correspondingly increase from $23 trillion to $70 trillion by 2025. Meanwhile, trusted computing offers an excellent economic model for the blockchain that is much efficient than all current economic models of the blockchain.