Is This the End of Trusted Third Parties in Banking?
Blog post from Duality
Privacy-enhancing technologies (PETs) are revolutionizing the finance industry by enabling secure collaboration without the need to move or reveal sensitive data, thus reducing reliance on trusted third parties. Technologies such as secure multiparty computation (SMPC), federated learning (FL), and trusted execution environments (TEEs) allow institutions to perform joint analyses while maintaining data privacy, effectively replacing institutional trust with mathematical trust. PETs are transforming practices like portfolio optimization and fraud detection by allowing financial institutions to operate securely without exposing critical information, exemplified by JPMorgan's Prime Match platform, which conducts private auctions without revealing full order books. Duality Technologies plays a significant role by providing the necessary governance and infrastructure for implementing PETs in real-world environments, enabling institutions to analyze encrypted data, build AI models, and comply with regulations without compromising privacy. As a result, these technologies are poised to eliminate the traditional role of intermediaries in finance, promoting a future that is secure and private by design.
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