Advisory firm Valley Capital Partners has invested $3 million into encryption platform-as-a-service StrongSalt.
Per a Sept. 26 press release, StrongSalt raised $3 million from Valley Capital Partners in a seed round to further develop its encryption platform designed for developers and enterprises. The startup aims to build an encrypted ecosystem, allowing individuals to keep personal data private and to defend against theft and fraud.
StrongSalt claims to be the first firm that provides an application programming interface (API) platform for developers to make existing applications and workflows privacy-enabled. The company plans to release its encryption API platform in the fourth quarter of 2019.
Industry’s interest in keeping data private
Today, Cointelegraph also reported that Overstock’s venture capital arm Medici Ventures made a $2 million investment into a startup to further creation of a decentralized ecosystem of digital credentials and blockchain-based self-sovereign identity networks.
Recently, leading communications and technology company Verizon was awarded a patent for using virtual subscriber identity modules (vSIMs) for customers’ devices. According to the filing, the company’s blockchain encryption technology ensures more security and the existence of only one copy of the vSIM on one device at a time.
Experts’ opinion on blockchain in data protection
In a dedicated analysis for Cointelegraph, Oleksii Konashevych wrote that a digital ID is necessary for certain activities on a federal level: registering a company, declaring taxes, voting, etc. At these moments, the ID must be verified with an acceptable level of certainty, which will be provided by blockchain and the infrastructure of trust service providers.
Speaking about personal data protection, Timothy Paolini, board member, NYU Blockchain, told 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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