Blockchain Data Encryption Project, StrongSalt, Gets $3 Million USD from Valley Capital Partners
In a press release, StrongSalt, an encryption platform as a service announced the completion of their seed round funding raising $3 million USD from Silicon Valley venture capital firm, Valley Capital Partners. The funding is set to enhance the encryption development on the platform offering users a more secure data storing platform.
The encryption company announced earlier in the year three encryption-related patents obtained from the United States Patent and Trademark Office and the new capital injection is set to further the development of these encryption services to enterprises and other customers.
An Increasing Case of Data Breaches
In the recent past the cases regarding data breaches, fraud and theft has caused the increased focus on encryption of data. To keep the data secure and safe from theft, users should send and store the encrypted data. However, as the press release reads, the encryption raises issues when searching or storing the data hence most enterprises choose against data encryption.
Speaking on the causes of data breaches, the Founder and CEO of StrongSalt, Ed Yu, blames the lack of encryption as the common cause in all cases. He continued,
“Existing current data management ecosystem is a hackers’ delight causing trillions of dollars in damage to businesses while exposing consumers.”
StrongSalt Blockchain-Based Solution
StrongSalt, however, is building the solution to encrypted data challenges. The encrypted search and share protocol offers the “first-ever API platform for developers to ‘bake’ privacy into existing applications and workflows.” The APIs are built on the blockchain offering a hybrid platform (permissioned and permissionless) to secure data and enhance privacy without substituting convenience of sharing and storing the data.
On the latest investment made to StrongSalt, Steve O’Hara, Co-Founder and General Partner at Valley Capital Partners, said,
“StrongSalt is giving privacy back to consumers while making data accessible for businesses in a non-zero sum relationship. […] Ed and his team are giving enterprises that lifeline to stay compliant, profitable and safe.”
Privacy Across the Industry
Data privacy and security is rapidly becoming a source of concern to a number of companies and cities across the world. Earlier in the month, BEG reported the government of Catalonia is planning to launch a blockchain-based platform, Identicat, to give their citizens more control over their data.