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.
We are very excited to announce that we've been backed by Hong Kong based QBN Capital. We look forward to developing our privacy-enhancing technology and working with them to extend our reach into Asian markets.
Press release: https://t.co/17OTURPjFT#blockchain #level39 pic.twitter.com/tNX0yTDmWq
— Applied Blockchain (@AppBlockchain) April 22, 2020
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.