Applied Blockchain funding round attracts $2.5 Million from QBN Capital

Applied Blockchain funding round attracts Million from QBN Capital

Applied blockchain funding round has netted the company $2.5 Million in funding. The DLT-based firm is backed by Shell Group and builds ‘Zero-Knowledge-Proof’ applications for use in business-to-business environments.

QBN Capital led the Applied blockchain funding round as it has a dedicated fund for sponsoring projects that feature ZKP platforms besides privacy-focused solutions.  Philea Chim of from QBN Capital says that ZKPs provide the right solutions to manage data. He added that ZKPs help protects user-privacy during communications between entities.

Applied blockchain funding round helps secure $2.5 Million

The platform facilitates partnerships between numerous firms while protecting their privacy, including proprietary data. The platform is currently under testing as per the firm. However, the nascent project has enterprise clients that feature businesses from various industry genres, including telecom, aeronautics, energy, and finance companies.

Adi Ben-Ari of Applied Blockchain said that the company is proud to create a solution that serves the needs of commercial clients. It helps them protect their privacy, secure data, and processes personal data safely. He goes on to say that the collaboration with QBN will help the platform further its expansion plans in Asia.

Enterprise interest increasing in ZKPs

The platform shows the enterprise applications of Zero-Knowledge-Proof technology. Till now, the ZKPs has been the domain of privacy coins and remain largely restricted to the crypto industry. However, the interest in ZKP has spiked lately, and its applications in the enterprise sphere are gaining momentum. The community is looking to integrate the ZKP’s safety credentials with the data privacy requirements of businesses across a network.

Baseline Protocol built jointly by Microsoft, ConsenSys, and Ernst & Young classifies ZKPs as its fundamental component. As evident from the Applied blockchain funding round, Zero-knowledge proofs are also getting popular in the enterprise realm ever since EY announced their very own ZKP private transaction protocol.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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