That's actually not quite right. I'm one of the engineers here, but allow me to put my evangelism hat on a bit here. We're building a decentralized key management system similar to AWS KMS or Google Cloud KMS -- except decentralized.

We use proxy re-encryption to do this. You can read about how it works in our Umbral blog post[0].

Several large applications are within the healthcare world. This allows patients to be in control of their own medical data and to share/revoke their data at will with other doctors, hospitals, etc. This lets them retain their own encryption keys without trusting another party.

Its market/end user is specifically anyone who has a need for a KMS. I Would also like to point out that NuCypher can be used as a consumer grade KMS -- something that I am exceptionally excited about.

[0] - https://blog.nucypher.com/unveiling-umbral-3d9d4423cd71