The benefits of creating these secure data-processing bunkers can be illustrated by looking beyond the technical and conceptual to the real-world applications already emerging due to the advances of confidential computing.

Obvious beneficiaries are consumers who can now extend the control of their own data, whether it’s finances, identity, or health, to other parties without sacrificing their privacy in the process. Healthcare provides a perfect example. Until now, those attempts to provide data ownership to patients have failed to maintain privacy. Everyone wants to have privacy for their health data (think Fitbit exercise devices) but it would be valuable to take advantage of that same protected data, too.

Confidential computing squares that circle by enabling an individual or entity to share the sensitive, private data as they choose without actually providing direct access to that same data. In other words, you can now choose to provide your data to help a research program without worrying your own data will be snooped on and your privacy violated.

Win-win-win

This is a win-win-win for governments, corporations and consumers. Take the case of Project Baseline, a Google-backed project which is designed to collect health data from the general public and use it as a contact tracing web to prevent disease, particularly targeting COVID-19 right now. While the goal is grand, the project falls short in guaranteeing participants’ privacy. But add in a confidential computing component and you would have a safe way to collect the same data while instilling immediate credibility over privacy as well as encourage far more people to contribute their data to help fight the pandemic.

Public-private collaborations become more powerful when harnessed with confidential computing. Imagine the benefits of combining public transportation and traffic data with private vehicle and route data. The richness in this confidential computing data can make our cities more livable and our commutes less stressful. Or you can help solve crimes without turning your neighborhood into a surveillance state. Confidential computing means you control the private data on your home security camera and you decide if and when you will share information with law enforcement under your own terms.

Confidential computing may well be the next great technology you have never heard of. As it improves our daily lives, particularly in the sphere of IoT, and helps empower the Internet of Trusted Things, I am sure we will all be hearing a lot more about confidential computing.

(Raullen Chai is the co-founder of IoTeX, a Silicon Valley company building a technology platform for smart devices that allows users control, privacy and data ownership.)