Lightstreams seeks to solve a blockchain vulnerability: It’s too public
The startup is out with a network offering decentralized storage controlled by blockchain-based smart contracts that grant or block granular access.
One of blockchain’s main selling points is that all of its transactions are public. Even in private blockchains, transactions can be public to all of the participants in that network.
But that can also be a major drawback, since many kinds of transactions need to remain private because of the financial terms, the competitive strategy, the personal info or other reasons.
An Estonia-based startup is now out with a possible solution. Lightstreams has launched a blockchain network with a new Permissioned Block protocol that employs smart contracts to grant, block or revoke access to content for specific users.
“The blockchain is broken at the moment in terms of privacy,” said Lightstreams CEO/founder Michael Smolenski in a statement. “It’s simply too public.”