According to foreign media today, consulting firm Valley Capital Partners invested $3 million in encryption platform as a service company, StrongSalt.
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According to a September 26 press release, StrongSa raised $3 million from Valley Capital Partners in a round of seed financing to further develop a cryptographic asset platform designed for developers and businesses. The startup's goal is to create an ecosystem of encrypted assets that allows individuals to keep personal data confidential and prevent theft and fraud.
StrongSalt claims to be the first company to offer developers an application programming interface (API) platform to make existing applications and workflows private. The company plans to release its crypto API platform in the fourth quarter of 2019.
Industry interest in maintaining data privacy
According to previous reports, Overstock's venture capital subsidiary Medici Ventures invested $2 million in a startup to further create a decentralized ecosystem, including digital certificates and blockchain-based autonomous networks.
Recently, Verizon, a leading communications and technology company, patented a virtual subscriber identity module (vSIMs) for customers' devices. According to the submitted documents, the company's blockchain encryption technology ensures greater security and can only install one vSIM on a single device at a time.
Experts' views on blockchain in terms of data protection
In a special analysis article written for the media Cointelegraph, Oleksii Konashevych wrote that in certain activities at the federal level, digital IDs are necessary: registering companies, filing taxes, voting, etc. At these times, the ID must be verified with an acceptable level of certainty, which will be provided by the blockchain and the infrastructure of the trusted service provider.
When it comes to personal data protection, Timothy Paolini, a member of the New York University blockchain board, told Cointelegraph:
“The blockchain is built around the decentralization principle, which eliminates the risk of a single point of failure (think Equifax servers) and eliminates unnecessary third parties by building a more direct peer-to-peer network. This also preserves your privacy. And control the data from third-party applications because the data is in the protocol and not the application layer."