The funds are designated for the development of a platform featuring ZKPs and other privacy-oriented technologies. The platform is intended to facilitate collaboration between firms without risking leaking valuable data.
Adi Ben-Ari, founder and CEO Applied Blockchain, said:
“We are very excited to be building a platform to meet the demands of our enterprise clients to do more with their data, while keeping it safe, secure and private. We have now received funding from a strategic venture capital firm, QBN Capital, and we look forward to further developing our privacy-preserving technology and working with them to extend our reach into the Asian markets.”
Applied Blockchain has already started working with its growing enterprise client base to test the platform in markets including energy, shipping, aviation, automotive, telecoms and financial services, demonstrating that it substantially improves their data security and data privacy.
Philea Chim at QBN Capital said:
“Governments, corporates, and individuals are increasingly concerned about data privacy and data security. We believe zero knowledge proofs offer a new and better way to share and handle data. We are very excited to be supporting Applied Blockchain, a pioneer in this space, and we can’t wait to see an abundance of applications for ZKP coming out in the near future.”
Applied Blockchain has developed over 70 distributed solutions for both start-ups and corporates and was selected by Shell to build and deploy the first distributed platform for energy derivative trading, which has been live in production since 2018.