Applied Blockchain Receives Grant from Algorand Foundation for SILENTDATA Integration

  • Blockchain , Open Banking
  • 20.10.2021 04:00 pm
  • SILENTDATA is a new private data oracle that enables private off-chain data to be verified on-chain while preserving privacy
  • For example, SILENTDATA enables smart contract applications to verify a user’s bank balance, income, or even a business invoice without the data being revealed to anyone in the process
  • SILENTDATA will enable verification of private, offchain data on Algorand and therefore help to accelerate Future of Finance (FutureFi), the convergence of traditional and decentralized models into a unified system, on the Algorand blockchain

The Algorand Foundation announced today that it has awarded software-development company Applied Blockchain a grant for the integration of its award-winning SILENTDATA platform with the Algorand blockchain, enabling users to present privacy-preserving proof of their traditional financial activity.

SILENTDATA, developed by Applied Blockchain, enables private off-chain data to be verified on-chain without revealing the underlying private data to anyone.

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 decentralized 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.

Adi Ben-Ari, Founder and CEO of Applied Blockchain, added: “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.”

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

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 convergence of traditional and decentralised models of finance.”

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