The software development company Applied Blockchain has received a grant from the Algorand Foundation to integrate its SILENTDATA platform with the Algorand blockchain; enabling users to present privacy-preserving proof of their traditional financial activity.

The SILENTDATA platform is the sole creation of Applied Blockchain, and enables private off-chain data to be verified on-chain without revealing the underlying private data.

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 decentralised 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.

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

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

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 the convergence of traditional and decentralised models of finance.”