Partisia Blockchain, a Denmark-based solution to decentralization’s confidentiality and privacy challenges, today announced that it has successfully raised $2.6m in a private, early contribution token sale round. Currently operating in testnet, the Partisia Blockchain is gearing up to launch on Mainnet in 2021.
The launch of Partisia Blockchain represents the first successful complete integration of blockchain technology with another commercial grade type of distributed cryptography known as Secure Multi-Party Computation (MPC). While blockchain prioritizes transparency by design, MPC introduces confidentiality to the equation by leveraging a network of computation nodes that process encrypted data with zero-knowledge about the data. This combination of Distributed Ledger Technology (DLT) with privacy-enhancing software allows enterprises to experience the advantages of decentralized technologies while still guaranteeing that data remains private and secure.
Commenting, Kurt Nielsen, President of Partisia Blockchain Foundation, said, “The internet has operated on the same premise for 20 years now, but since then, a lot has changed. Principles of privacy and confidentiality are no longer a luxury; they are a necessity that is demanded from all corners of society – users, enterprises, and governments alike. The Partisia Blockchain aims to establish a sustainable data-driven society by facilitating the balance between protecting and utilizing data. Now endorsed by global initiatives such as the World Economic Forum, the US Commission on Evidence-based Policymaking, and the UN Global Working Group on Big Data, MPC holds the key to a new era in digital transfers and data management that reduces the risk and fear experienced when engaging with digital platforms.”
Partisia Blockchain will primarily use funds contributed during this period for operational costs, including the expansion of its team, the further development of its technology, and the broadening of its community in the lead-up and beyond its Mainnet launch in 2021.
Professor Ivan Damgård, Chief Cryptographer of Partisia Blockchain, said, “Decentralized systems for data solutions hold considerable promise for complete new ways to conduct digital business. However, to date, this has been hampered by a lack of privacy and confidentiality. Using the unique combination of Multi-Party Computation (MPC) and blockchain, the Partisia Blockchain now offers enterprises a trustworthy avenue into the blockchain industry and the tremendous possibilities it has to offer.”
Partisia Blockchain Challange
Merging blockchain and MPC has long been recognized as a key challenge by the Partisia Blockchain team who have been working diligently to achieve this aim for the past four years. A pioneer in the space, Partisia Blockchain was founded by the leading Danish developer of privacy-preserving solutions, Partisia, who have been selling commercial-grade MPC software solutions to global enterprises since 2008. Led by Ph.D. Kurt Nielsen, the team counts a number of well-known industry luminaries among its ranks, including the co-creator of the famed Merkle-Damgård hash function, Professor Ivan Damgård, a celebrated academic, and one of the world’s top-cited and published researchers in cryptography, and Professor Jesper Buus Nielsen, the author of more than 80 scientific publications including Secure Multiparty Computation and Secret Sharing — the first and most influential textbook on MPC.