Payment network processor Mastercard has released a white paper on privacy-enhancing technologies (PETs) and its work to increase adoption.
While PETs have been available for some time, they have mostly remained a frontier technology that only a few regulators and companies in the private sector have shown interest in exploring. However, Mastercard is working to change that by bringing these technologies to practical applications that offer significant benefits for countries, companies, and individuals. The company has already demonstrated successful implementations of fully homomorphic encryption (FHE) in the Singapore government's PETs sandbox, which allows the sharing of financial crime intelligence across borders. Although challenges remain, open collaboration between regulators and industry is necessary to realise the possibility of achieving privacy and innovative data use simultaneously. Encouraging the use of PETs is in everyone's best interest in an age of growing distrust over data use and sharing.
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