Why decentralization is here to stay

Trinity researcher Hitesh Tewari explores a number of ways blockchain technology could pave the way for data protection.

From its infancy to becoming the first global decentralized cryptocurrency, bitcoin has come a long way in its lifetime.

The Bitcoin protocol, which has an immutable, distributed blockchain at its core, has since inspired others to create a variety of blockchain-based cryptocurrencies and tokens.

From there, new concepts continued to evolve, from smart contracts locked into the blockchain to the newer non-fungible tokens (NFTs) that can represent real-world objects such as artwork and real estate.

While the latter is rightfully treated with some skepticism, the core technology of blockchain is a powerful instrument as we move forward in the digital transformation space.

Hitesh Tewari is Assistant Professor in the School of Computer Science and Statistics at Trinity College Dublin. His research has spanned computer networks, electronic payment systems, cryptography and blockchain technology.

In September, Trinity was listed among the top 50 universities for blockchain by CoinDesk.

Researchers like me have used the blockchain to redesign centralized networks (fixed and mobile) for a decentralized environment, to make them more transparent, secure and robust, he told SiliconRepublic.com.

“In 2017, together with my team, I demonstrated an elegant solution to a long-standing electronic voting dilemma, developing a fully auditable and anonymous e-Voting protocol using a cryptocurrency called Zcash. I also use my expertise in zero-knowledge protocols (ZKPs) to develop privacy-preserving smart contracts to strengthen the area of ​​user privacy.”

Decentralized privacy-preserving systems

Every time we use social media, access our smart devices or pay for things online, we leave digital footprints all over the internet.

But as we become more privacy conscious, the need to be in control of our personal data has become more important than ever. This is where the use of blockchain comes in.

Tewari’s current research focuses on decentralized privacy-preserving systems, from autonomous vehicle security to next-generation cryptocurrencies.

He said that while cryptocurrencies are growing in popularity, few are aware of the huge environmental impact associated with securing transactions on the blockchain.

“The genie has been let out of the bottle and decentralization is here to stay”
^{– HITESH TEWARI}

“With the increased awareness of the devastating effects that climate change is having on our planet, I propose to develop energy efficient and high transaction protocols for the next generation of cryptocurrencies by developing new consensus mechanisms, lightweight cryptographic protocols, etc.”

With the internet increasingly under the control of a small number of large technology firms, Tewari has also created a framework for a decentralized internet where end users are in control of their data and their digital footprints are kept private.

“In the e-health area, I have developed an ecosystem for the administration of healthcare services that enables the patient’s medical records to be stored securely and anonymously on a blockchain. This enables data to be mined by third parties to determine health trends, etc., without them deriving personal information about individual patients.”

Additionally, with connected and autonomous vehicles increasingly equipped with complex sensors and processors, Tewari is actively researching secure “vehicle-to-everything” communication using blockchains.

Future blockchain trends

Blockchain-based cryptocurrency has consistently made headlines in recent years, especially when it comes to a decentralized financial system (DeFi), with some calling it the “Wild West” of banking.

“The idea of ​​a completely anonymous blockchain-based cryptocurrency or a DeFi that is not under the control of a national government terrifies the incumbents, who desperately want to maintain the status quo that has been in place for the past century,” Tewari said.

“Central banks around the world are trying to find their own cryptocurrency offerings (also known as stablecoins), which are linked to, for example, the US dollar, the euro, etc.

I believe that as blockchain-based cryptocurrencies become more mature and begin to address some of the major challenges such as increasing the number of transactions per second (TPS) and reducing energy consumption, major e-commerce players such as Amazon and Alibaba etc will begin to accept such cryptocurrencies as payment for goods and services.”

He added that with mass adoption by end users, there will be less volatility in the price of these crypto tokens, as they will begin to play an important functional role in the global financial system.

“I also believe that in the future ZKPs will increasingly be employed to preserve end-user privacy while providing irrefutable proof of identity, payment and contract fulfillment to suppliers of goods and services in today’s increasingly digital world,” he said .

“The genie has been let out of the bottle and decentralization is here to stay.”

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