StrongSalt Raises $3M in Seed Round to Develop Encryption Platform-as-a-Service

Advisory agency Valley Capital Partners has invested $three million into encryption platform-as-a-service StrongSalt.

Per a Sept. 26 press release, StrongSalt raised $three million from Valley Capital Partners in a seed spherical to additional develop its encryption platform designed for builders and enterprises. The startup goals to construct an encrypted ecosystem, permitting people to maintain private information personal and to defend towards theft and fraud.

StrongSalt claims to be the primary agency that gives an software programming interface (API) platform for builders to make current functions and workflows privacy-enabled. The firm plans to launch its encryption API platform within the fourth quarter of 2019.

Industry’s curiosity in maintaining information personal

Today, Cointelegraph additionally reported that Overstock’s enterprise capital arm Medici Ventures made a $2 million funding right into a startup to additional creation of a decentralized ecosystem of digital credentials and blockchain-based self-sovereign id networks.

Recently, main communications and expertise firm Verizon was awarded a patent for utilizing digital subscriber id modules (vSIMs) for patrons’ units. According to the submitting, the corporate’s blockchain encryption expertise ensures extra safety and the existence of just one copy of the vSIM on one machine at a time.

Experts’ opinion on blockchain in information safety

In a devoted evaluation for Cointelegraph, Oleksii Konashevych wrote {that a} digital ID is important for sure actions on a federal stage: registering an organization, declaring taxes, voting, and so on. At these moments, the ID should be verified with an appropriate stage of certainty, which will probably be offered by blockchain and the infrastructure of belief service suppliers.

Speaking about private information safety, Timothy Paolini, board member, NYU Blockchain, informed Cointelegraph:

“Blockchains are built around the principles of decentralization, removing the single point of failure risk (think Equifax servers) and cutting out unnecessary third parties by establishing a more direct, peer-to-peer network. This also maintains your privacy and control of your data from third-party apps as data rests at the protocol instead of the application layer.”

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