HBAR News: Hedera Foundation Launches Privacy Market Development Fund

April 21, 2022 2:46 pm

The HBAR Foundation just announced the launch of a Privacy Market Development Fund which aims to support projects that aim to create privacy-preserving technologies on the Web 3.0 landscape.

The organization is kick-starting this new initiative as it anticipates both privacy concerns and Web 3.0 playing a bigger role in the future of blockchain.

All the solutions will be built on the Hedera network and utilize Hedera Hashgraph which is high speed and environment-friendly public ledger.

The fund provides new capital to support ongoing innovation in the space and will be managed with Acoer which will be able to provide blockchain-related software to help further the mission of the fund.

Yahoo reports:

The need for web-based technologies that are private by design has been consistently stipulated by regulators and law-makers around the world over the last decade-as outlined in data protection laws like the EU’s General Data Protection Regulation (GDPR), California’s Consumer Privacy Act (CCPA), India’s Personal Data Protection Bill (PDPB), China’s Personal Information Protection Law (PIPL), among others.

These regulators levy heavy fines for any violations of these data privacy laws, as seen in many, recent, well publicized cases around the world.

Distributed-ledger technology (DLT) provides a strong foundation for privacy-preserving technology with its unique ability to deliver transparency and privacy hand-in-hand.

For organizations to meet the regulators’ demands for privacy techniques and accountability requirements, DLT will prove crucial and is why the HBAR Foundation has launched the Privacy Market Development Fund.

Some of the things that the Hedera network would be able to help with would be using NFTs on Hedera to anchor consumer rights to specific individuals and authenticate all transactions.

Other possible use cases for Hedera here would be creating healthcare passports that are linked to a person’s identity which will allow for the verification of all that person’s medical interactions.

As a result, it is clear that these privacy-related technologies on the blockchain will be increasingly important as they may potentially handle extremely sensitive info for such use cases in the future.

As it stands right now, the launch of this new fund will help Hedera lead this specific industry sector as it continues to grow.

Hedera will also be much more likely to continue to experience more mainstream adoption if this trend takes off as it provides the perfect technical solution.

AccessWire reports:

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 individuals’ data rights, including support of patients’ medical consent in clinical trials and other healthcare scenarios.

“We’re delighted to collaborate with The HBAR Foundation on the development of this very important fund,” said Jim Nasr, Acoer CEO. “Hedera has the potential to be the long-term foundation of many privacy-preserving initiatives across a wide variety of industries and use cases.”

Shayne Higdon, Co-Founder and Chief Executive Officer at the HBAR Foundation, commented: “The need for privacy-preserving technology on the internet has become critical in the past decade, and development in the next decade will prove crucial to providing these technologies.

The launch of the Privacy Market Development Fund is aimed at helping accelerate this development and providing both developers and regulators with a common technological framework from which to work.”

At the time of writing, Hedera’s native token HBAR has a current price of $0.198 with a total market cap of $3.88 billion according to CoinMarketCap.

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