Practical applications of homomorphic encryption algorithms?

Question

It appears there there were interesting things going on in cryptography: the first homomorphic encryption scheme appeared recently (explanation, HT). Roughly sp

Answer 1

Some banking applications maybe become faster with the help of Homomorphic Encryption.

They can perform operations with encrypted data on cloud instead of taking it from cloud to local and putting again on cloud. Also no need to encrypt-decrypt-perform operations-encrypt pipeline, encrypt-perform operations would be OK.