A brand new encryption-as-a-service firm raised $three million to convey standardized encryption methods to the blockchain.
Information privateness startup StrongSalt introduced Thursday the closing of a seed spherical from Valley Capital Companions. Backed by three encryption-related patents, StrongSalt will launch its API product later this yr on the AWS re:Invent 2019 convention in Las Vegas, Nevada.
StrongSalt “bakes” its encryption service into workflows and purposes and pairs with each permissioned and permissionless blockchains.
“StrongSalt is chain-agnostic, as we will work with nearly any blockchain,” StrongSalt CEO Ed Yu informed CoinDesk. “We use blockchain primarily for 3 causes: availability of information, reliability of information and shareability of information.”
Yu informed CoinDesk blockchain know-how is used for the safety of sharing hashed knowledge on the platform in addition to with clients.
Raymond Choi of Valley Capital Companions stated companies want reliable safety mechanisms, one thing that StrongSalt addresses. Stated Choi:
“Presently, companies need to sacrifice safety for usability. As a result of StrongSalt’s revolutionary platform permits for full knowledge searchability with out giving up delicate info, it’s taking the stress off knowledge administration from companies who can sick afford to drop the ball from being hacked.”
Valley Capital’s Steve O’Hara, who can be becoming a member of the StrongSalt board, stated the present regulatory setting was the impetus for investing within the firm.
“Because the regulatory setting ramps up enforcement and forces enterprise to evolve to tightening legal guidelines, companies gained’t have a simple out if the know-how isn’t viable or cost-effective,” O’Hara stated in a press release.
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