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
London, October 20th, 2021 - 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.”
About Applied Blockchain
Founded in 2015, and head-quartered in London, England, Applied Blockchain is a leading blockchain development specialist. The company has designed, built, deployed and supports over a hundred blockchain solutions for clients including Shell (also an investor), Barclays, Vodafone, KLM, Toyota, the United Nations, Chainlink and others. Applications range from DeFi and NFT platforms, through to supply chain provenance, payment, identity and wallet solutions. The company has technical specializations in Algorand, and advanced privacy technologies such as zero knowledge proofs and hardware secure enclaves. For more information, visit https://www.appliedblockchain.com.
About the Algorand Foundation
The Algorand Foundation is dedicated to fulfilling the global promise of blockchain technology by leveraging the Algorand protocol and open-source software, which was initially designed by Silvio Micali and a team of leading scientists. With core beliefs in the establishment of an open, public, and permissionless blockchain, the Algorand Foundation has a vision for an inclusive ecosystem that provides an opportunity for everyone to harness the potential of an equitable and truly borderless economy.