French startup Zama has raised $73mn to commercialise the “holy grail” of cryptography: fully homomorphic encryption (FHE). Conceptually simple but practically complex, FHE enables computations on encrypted data without having to first decrypt it. As a result, companies can provide services without seeing their customers’ information. The users, meanwhile, won’t notice any difference in the function. To visualise the process, imagine the encrypted data as a locked box and the computations as paint. By painting over the box, you can also paint over the data inside. But the changes inside the box will remain hidden from prying eyes. “This means sensitive information can…
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