Enterprise software provider R3 has launched a new computing platform called Conclave which it says can handle sensitive business data while keeping it secret.
According to a Thursday announcement, the Conclave platform will combine confidential computing with Intel Software Guard Extensions, which help protect data from modification. It also provides an API that allows clients to write applications on any operating system and code in their language of choice.
“[Conclave] paves the way for a new generation of trusted services that can detect fraud, reduce cost, build high-value multi-party analytics and more – where the owners of the data control how it is processed,” R3 said.
As examples, R3 explained Conclave could be used for situations such as when a bank operates an electronic market but wants to assure its customers that it does not see their data; or an insurer that needs to share information about fraudulent claims without breaching confidentiality rules.
“Proprietary data – if shared and pooled effectively – holds the key to greater analytics, insight, and commercial opportunity. Yet, many firms resist sending it because of an inherent mistrust in how it will be used,” said R3 CEO David Rutter.
Conclave is currently compatible with R3’s blockchain platform Corda Enterprise, and will see a full integration soon. It’s not clear from the announcement if Conclave is built with blockchain. CoinDesk has reached out to confirm.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.