R3 unveils confidential computing platform “Conclave” for enterprises

R3 unveils confidential computing platform “Conclave” for enterprises

Global enterprise software firm, R3, has reportedly launched a novel computing platform, named Conclave, which can manage sensitive business information while keeping it private.

As per an official announcement on Thursday, the new Conclave platform would integrate confidential computing with Intel Software Guard Extensions. This would aid in protecting the data from being modified. It also offers an API which would allow customers to write applications for any OS (operating system) as well as code in the language of their choice.

R3 stated that the new platform paves the way for the upcoming generation of trusted services which could decrease cost, find out fraud, build valuable multi-party analytics and much more where the data owners control the way it is processed.

As instances, the leading enterprise software provider cited that Conclave can be used in situations where a bank runs an electronic market but wants to guarantee to its clients that their data is processed securely, or an insurer who needs to share information regarding deceitful claims without violating rules of confidentiality.

David Rutter, the Chief Executive Officer of R3, stated that proprietary data, when shared and pooled efficiently, is the key to greater analytics, insight, as well as commercial opportunity. But, most of the companies avoid sending it due to an inherent mistrust on how it would probably be used.

Rutter added that Conclave offers world-class technology, supported by the rich experience of their developers as well as business teams, to allow customers to bring out a new epoch of privacy in processing, analysis, and data sharing.

At present, Conclave is greatly compatible with blockchain platform, Corda Enterprise, developed by R3 themselves, and would soon see complete integration. However, it is not yet clear from the announcement whether Conclave is built with blockchain.

Source credit: https://finance.yahoo.com/news/enterprise-blockchain-firm-r3-launches-122527622.html