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Discussion-1 150 words with one reference

Introduction

Tokens in blockchain environment can be seen as permission to access and contribute to the blocks. Three types of tokens have been identified considering their functions – utility, security and asset-backed (Li, Wu, Pei, & Yao, 2019). The first kind is for access permission, security determines the value of the accessing entity and asset-backed tokens are for representation of original asset.

SMPA, OAP and PBT – Comparison and Use

            Secure Multi-Party Authentication (SMPA) is used for protecting privacy in blockchain even in contributed computing. It enables isolated input for privacy. The focus of input privacy is not on outside threats but on each participant. This tokenization also requires accurate computation and allows no provision for retrieval of input by the other participants. Due to these characteristics, this system can ensure efficient input and fault location. Open Access Protocol (OAP) is comparatively easy in functioning requirements unlike SMPA. It does not force the operators to install specific hardware and reject incoming data flow based on the application’s decision. It is a node-based permission system where public and business data are partially stored (Li, Wu, Pei, & Yao, 2019). Authentication in OAP is granted on the token owner’s permission. Both positive and negative assets can be identified by this token. The main difference between these two protocols is that in SMPA external requestors cannot have access but in OAP they can make decisions on transaction and input. Policy-backed Token is a sub-group of OAP where policy-related computation programmes are protected in integrity and authenticity.  PBT is mainly helpful in insurance and policy-analysis. SMPA is used in financial decision-making, research and development, medical services etc. OAP is somewhat similar to PBT that works for secure data utilization in insurance and policies.

Conclusion

            However, all these three categories undergo four phases – generation, usage, output and deposition. Database protection is also a significant usage of OAP (Smith, 2019). Natural language processing enables other civil, financial and medical operations with easy and secure process.

 

References

Li, Wu, Pei, & Yao. (2019). Tokenization: Open Asset Protocol on Blockchain. 2019 IEEE 2Nd International Conference On Information And Computer Technologies.

Smith, S. (2019). Blockchain, Tokenization, and Implications for Financial Services Practitioners. International Journal Of Accounting And Financial Reporting, 9(1), 1. doi: 10.5296/ijafr.v9i1.14164

Discussion-2 150 words with one reference

COLLAPSE

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The Concept of Tokenization

Tokenization can be defined as a process that involves the substitution of sensitive data with unique identification symbols capable of retaining critical data information without concurrence to its security. Tokenization is crucial because it allows the swapping of sensitive data such as information contained in payment cards with the use of a randomized number without an intrinsic value. Tokenization aims to prevent fraud; thus, it involves replacing sensitive data with an algorithm hence ensuring safety and security of data (Sayadi, Rajeb & Choukair, 2018). Tokenization concept can furtherly be understood from the various protocols to security, such as secure multi-party computation (SMPC), open asset protocol (OAP), and policy-backed token (PBT).

To begin with, secure multi-party computation (SMPC) is a cryptographic primitive known for enabling computation of arbitrary functionalities in distributed parties jointly without exposure of separate inputs and outputs. The SMPC protocol tends to be commercially-ready; thus, it is a proven reality; hence clients do not need to transfer their data outside their internal firewalls (Li et al., 2019). The SMPC facilitates solving security and privacy issues because it does not expose data to third-party. Open asset protocol is a powerful protocol that enables issuing and transferring created assets. Open Asset Protocol can be a benefit to banking industries because it facilitates privacy in payments; thus, clients' payment details such as bank account numbers cannot be exposed to third- parties.

Policy-backed token (PBT) can be defined as a type of blockchain that involves the use of units of value that are usually pegged with assets such as companies' shares or commodities. The PBT protocol facilitates the security of tokens because the users have the right to ownership of the asset. The PBT protocol is similar to SMPC because they both facilitate user ownership of data. However, they differ in that, SMPC involves computing arbitrary functionalities while PBT does not ((Sayadi, Rajeb & Choukair,2018). The policy-backed token can be a benefit to the internet advertising industry because advertisers and consumers suffer form ads that consumer data, and this is due to lack of protocols.

 

References

Sayadi, S., Rajeb, S. B., & Choukair, Z. (2018). Blockchain Challenges and Security Schemes: A Survey. 2018 Seventh International Conference on Communications and Networking (ComNet), Hammamet, Tunisia, 1-7.  doi: 10.1109/COMNET.2018.8621944.http://ieeexplore.ieee.org/stamp/stamp.jsp?tp=&arnumber=8621944&isnumber=8621920

X. Li, X., Wu, X., Pei X., & Yao, Z. (2019) "Tokenization: Open Asset Protocol on Blockchain," IEEE 2nd International Conference on Information and Computer Technologies (ICICT), Kahului, HI, USA, 2019, pp. 204-209. doi: 10.1109/INFOCT.2019.8711021. http://ieeexplore.ieee.org/stamp/stamp.jsp?tp=&arnumber=8711021&isnumber=8710850

 

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