HANGZHOU, China, April 11, 2022 /PRNewswire/ -- The leading privacy-preserving computation service provider – Hangzhou Nuowei Information Technology Co., Ltd. (Nuowei Tech) announced the official release of its new product, NVX®all-in-one platform, in collaboration with Ant Group, one of the biggest financial technology enterprises in China.
NVX®all-in-one platform is a self-contained and fully controllable one-stop privacy-preserving computation solution, which takes advantage of hardware and software fusion solutions, allowing out-of-the-box use. It aims to deliver secure and efficient data sharing among different data owners. Typical application scenarios include, but are not limited to, biomedicine, finance, and government affairs.
NVX®all-in-one platform supports domestically produced CPU and hardware. It is optimized by the privacy-preserving computation framework from Nuowei Tech and the trusted-native solution from Ant Group, with built-in privacy protection computing accelerator, self-contained and fully controllable trusted execution environment (TEE), accelerator hardware for Chinese National Standard Cipher algorithm and trusted technology stack. By using NVX®all-in-one platform, users can exchange data-value with external partners through a secure and controllable manner. During this process, data are connected to NVX®all-in-one platform through data interfaces, such as file system, database, APIs, etc.
Dr. Shuang Wang, the founder and chairman of Nuowei Tech stated that " One of the future directions for privacy-preserving computation would be a hardware and software combined all-in-one machine that can protect privacy and improve computing performance at the same time. We are delighted to collaborate with Ant Group to push forward the technology development and application of privacy-preserving computation. We hope that NVX®all-in-one platform will enable more industries to gain access to privacy-preserving compution in a more efficient, cost-effective and convenient manner."
Dr. Chenggang Qin, Director of Trusted Native Technology of Ant Group, said, "The combination of software and hardware is the development trend of the privacy-preserving computation industry. Ant Group's trusted native base can provide application acceleration, self-contained and fully controllable TEE and a trusted technology stack through self-developed chips, acceleration cards, TEE, etc. Nuowei Tech is a very important partner for us and we hope that this all-in-one product will take the privacy-preserving computation industry to the next level."
Privacy-preserving computation is a collection of a series of technologies and solutions, covering trusted execution environment (TEE), secure multi-party computation (MPC), federated learning (FL), security federated learning (SFL), homomorphic encryption (HE), etc. It can provide data processing, analysis, modeling, verification, etc. on the premise of data privacy protection. Therefore, it ensures secure and efficient data value sharing and supports collaborative application for various types of data.
During the past two years, we witnessed the rapid development of privacy-preserving computation industry, such as the continuous iteration of technologies and products, the gradual implementation of laws and regulations, and the increasing market demand. Gartner lists privacy-preserving computation as one of the top strategic technologies for 2022, and predicts that by 2025, half of the world's large organizations will use at least one privacy-preserving computation related technology. In the 2021 Privacy Computing Industry Research Report, KPMG pointed out that in three years, the revenue of China's privacy-preserving computation service market is expected to reach 10-20 billion RMB. Meanwhile, there is a great chance that the revenue for platform operation will reach 100 billion RMB.
The market demand has been continuously rising for a while, and more and more top-level investors are betting on privacy-preserving computation. According to the research report of iResearch, the cumulative financing amount of Chinese privacy-preserving computation companies from 2016 to 2022 Q1 (as of March 9) exceeded 3 billion RMB. Notably, the amount in 2021 accounts for more than 60% of this number.
SOURCE NUOWEI tech