Blockchain
Blockchain Cybersecurity Europe Fintech Lending Partnerships

SILENTDATA To Integrate With Algorand Blockchain

The software development company Applied Blockchain has received a grant from the Algorand Foundation to integrate its SILENTDATA platform with the Algorand blockchain; enabling users to present privacy-preserving proof of their traditional financial activity.

The SILENTDATA platform is the sole creation of Applied Blockchain, and enables private off-chain data to be verified on-chain without revealing the underlying private data.

Initially focussed on Open Banking data, the Algorand Foundation grant will support SILENTDATA in enabling businesses to create privacy-preserving NFTs of their invoices, and present these to a liquidity pool on the Algorand blockchain.

The integration of SILENTDATA on the Algorand blockchain marks a significant step forward in the Future of Finance (FutureFi), the convergence of traditional banking and decentralised models into a unified system.

It will enable more efficient and open forms of lending, where verification of sensitive off-chain data while maintaining full data privacy of the party concerned plays a critical part.

In August, SILENTDATA won the award in the category for “Best Digital Identity Solution” at the Open Banking Expo Awards 2021.

Adi Ben-Ari, Founder and CEO, Applied Blockchain
Adi Ben-Ari, Founder and CEO, Applied Blockchain

Adi Ben-Ari, Founder and CEO of Applied Blockchain, commented: “Our team has been building applications on the Algorand blockchain for almost two years, including a world-class, fully-integrated NFT marketplace, a comprehensive project launchpad, and many more. Algorand has an amazing team, a very active and growing community, and a world-class blockchain, and we look forward to bringing SILENTDATA to this ecosystem to be part of FutureFi.”

Addie Wagenknecht, Head of Global Ecosystems at the Algorand Foundation, added: “Applied Blockchain has been a particularly active partner in the Algorand ecosystem, and we are very excited to see the potential for SILENTDATA in enabling the convergence of traditional and decentralised models of finance.”

Author

  • Tyler is a fintech journalist with specific interests in online banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

Related posts

WHO Health Alert brings COVID-19 facts to billions via WhatsApp

Manisha Patel

Belarus Legalizes ICOs, Cryptocurrencies and Smart Contracts

Manisha Patel

Katanox Provides Accommodation Providers and Buyers With VCC Alternative With New Payment Licence

The Fintech Times