Foundation fund

HBAR Foundation Launches Privacy Market Development Fund to Power Private Solutions on Hedera

The Privacy Market Development Fund will be used to help developers build privacy-protecting technologies in the Hedera Hashgraph ecosystem.

DALLAS, TX/ACCESSWIRE/April 21, 2022/ the HBAR Foundationan organization that supports the development of projects built in the Hedera ecosystem by providing grants and other resources, today announces the launch of a Privacy Marketplace Development Fund, designed to support teams building privacy-preserving technologies in the Web3 landscape.

An initial sum is allocated to the fund to stimulate the creation of privacy-focused solutions that use Hedera Hashgraph – a high-speed, environmentally friendly distributed ledger.

This is a partner-managed fund that will be managed by Acoer, an award-winning employee-owned technology company and a leading developer of practical real-time blockchain-based software.

The need for web technologies that are private by design has been consistently stipulated by regulators and legislators around the world over the past decade, as reflected in data protection laws such as the General Data Protection Regulation. (GDPR) of the EU, the California Consumer Privacy Act. (CCPA), Indian Personal Data Protection Bill (PDPB), China Personal Information Protection Act (PIPL), among others. These regulators impose heavy fines for any violation of these data privacy laws, as seen in many recent and well-publicized cases around the world.

These laws call for data protection techniques to provide basic consumer rights to internet users, as well as demonstrable accountability requirements that organizations must align with.

Distributed Ledger Technology (DLT) provides a solid foundation for privacy-preserving technology with its unique ability to deliver transparency and privacy hand-in-hand. For organizations to meet regulators’ demands for privacy techniques and accountability requirements, the DLT will prove crucial and that is why the HBAR Foundation has launched the Privacy Market Development Fund.

In line with the guidelines set out in the GDPR and the CCPA, privacy-preserving technologies based on blockchain technology have the potential to provide new and innovative solutions that enhance the protection of the rights of individuals. These include embedded data trails, which could be used to prove the authenticity of financial transactions and other high-profile use cases like medical records, consumer rights agreements, and more. For example, non-fungible tokens (NFTs) on Hedera could be used to privately and uniquely anchor consumer rights to a given individual, and then prove the authenticity of all future transactions and interactions accordingly. Similar techniques could be used to create healthcare passports that are privately linked to a person’s identity and then carry evidence of all medical interactions from that point on.

Acoer, the manager of the Privacy Market Development Fund, has already established privacy-centric use cases on Hedera with the launch of RightsHash in 2021, which uses NFTs to monitor and protect the data rights of individuals. , including supporting patient medical consent in clinical trials and other healthcare scenarios. RightsHash’s open, serverless APIs enable the tracking of an individual’s digital rights and protections as separate and unique assets. “We are delighted to collaborate with the HBAR Foundation on the development of this very important fund,” said Jim Nasr, CEO of Acoer. “Hedera has the potential to be the long-term foundation for many privacy initiatives across a wide variety of industries and use cases.”

Shayne Higdon, co-founder and CEO of the HBAR Foundation, said: “The need for privacy-preserving technologies on the Internet has become critical over the past decade, and development over the next decade will prove crucial to providing these technologies. The launch of the Privacy Market Development Fund aims to accelerate this development and provide developers and regulators with a common technology framework from which to work.”

For more information please contact:

US: 866-586-5603

About the HBAR Foundation

Founded in 2021, the HBAR Foundation fuels the development of the Hedera ecosystem by providing grants and other resources to developers, startups and organizations looking to launch decentralized applications in Defi, NFTs, CBDCs, Sustainability, gaming and other sectors . In addition to providing funding through a streamlined grantmaking process, the HBAR Foundation acts as an integrated force multiplier through expert support in technical, marketing, business development, and other operational functions needed to scale. .

About Acoer

Acoer is an award-winning technology company and a leading developer of practical, usable, real-time blockchain-enabled software. We believe software should be safe and honest, we are passionate about putting our users first. We achieve these goals through the development of secure, privacy-preserving, and traceable technologies that can be easily adopted using open protocols and usable interfaces.

Acoer is a globally distributed, employee-owned company headquartered in Atlanta, Georgia. For more information, visit www.acoer.com, or follow us on Twitter at @acoerco.

THE SOURCE: The HBAR Foundation

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