How iliadata is Leading the Charge in Private-Set Intersection (PSI) and Why its matter to increase security, combat fraud while preserve privacy and confidentialtiy.
Nice. However all this is just a "feature" or "crypto method" by far and large not a product. This is always the same story with cryptography, always nice and cool but never becomes a product. All the post-quantum, full homomorphic encryption, etc, startups are fun with amazing math but this is just a lib somewhere in a feature of a product. Usually the crypto founders aren't willing to build a product in which the crypto stuff is an adjective, thus unfortunately going nowhere. So what's the plan to build a real product?
I think you are right with "crypto" when it means "web3" or "blockchain". We have seen in the past tons of "blockchain of X" startups that failed because there was no real use case.
Still, there are few true use cases:
- in the 90s, PGP pionnered file encryption and then many solution used similar methods using asynmetric crypto and PKI to protect files to share file by email
- in 2000s, we developped (I was there !) VPN based on same technologies plus Diffie Helman exchange, Perfect Secrecy etc.. to interconnect local networks over internet
Here in the case of iliadata, the startup is very early stage, but I think they are on the right track : they are not looking at crypto for the sake of maths. They want to build useful use cases - the first one being fraud detection. I think that could be a product not just a feature.
Nice. However all this is just a "feature" or "crypto method" by far and large not a product. This is always the same story with cryptography, always nice and cool but never becomes a product. All the post-quantum, full homomorphic encryption, etc, startups are fun with amazing math but this is just a lib somewhere in a feature of a product. Usually the crypto founders aren't willing to build a product in which the crypto stuff is an adjective, thus unfortunately going nowhere. So what's the plan to build a real product?
Very good question. Thanks for contributing!
I think you are right with "crypto" when it means "web3" or "blockchain". We have seen in the past tons of "blockchain of X" startups that failed because there was no real use case.
Still, there are few true use cases:
- in the 90s, PGP pionnered file encryption and then many solution used similar methods using asynmetric crypto and PKI to protect files to share file by email
- in 2000s, we developped (I was there !) VPN based on same technologies plus Diffie Helman exchange, Perfect Secrecy etc.. to interconnect local networks over internet
Here in the case of iliadata, the startup is very early stage, but I think they are on the right track : they are not looking at crypto for the sake of maths. They want to build useful use cases - the first one being fraud detection. I think that could be a product not just a feature.