Neblio NTP1 Encrypted Metadata
Why it is an extremely useful feature for enterprises
A few days ago, we came across an example of an encrypted metadata transaction on the Neblio blockchain by an entity called GIVASIT INC.
The above image shows how an encrypted metadata field of a transaction appears to everyone else observing the explorer, apart from the recipient who will be able to see the full automatically decrypted entry that was added by the sender. Once encryption has been added with a single click, only the TXID and tx info, addresses will be viewable by others, not the encrypted data.
Just for comparison, below is an example of how a metadata transaction appears without any encryption. All the data entered by the sender is publicly visible.
Having the ability to encrypt accompanying metadata of a transaction over the blockchain, allows the sender to mask the contents of the entry, so for example, a retailer/supplier exchanging communications over inventory status of products, a real estate agent sending sensitive info to a client, an accountant doing the same etc. Any bits of sensitive data exchanged between the two parties, would be securely stored on the Neblio blockchain, but would also not be viewable by any third parties or non recipients of said transaction.
NTP1 Encrypted Metadata works by encrypting all of the metadata in an NTP1 transaction using a symmetric encryption key that is calculated based upon the respective public and private key pairs of the sending and recipient addresses. To put things simply, this means only the sending wallet and the receiving wallet can ever decrypt the metadata stored in the transaction. NTP1 Encrypted Metadata will never be visible on the block explorer, to other users, or to anyone monitoring transactions on the Neblio Blockchain. — Announcing NTP1 Encrypted Metadata
To help visualise how companies and clients can exchange and manage data securely over the Neblio blockchain, check out the Enterprise Data Management video below. This is what it all looks like when everything comes together in a real world use case scenario, combining the speed, security and privacy features of the Neblio blockchain platform.
Being able to encrypt with a single click and automatically decrypt transaction metadata, will offer many benefits and convenience for companies wishing to run a privacy focused and secure system for storing and distributing their data over the blockchain.
