The Algorand Foundation has partnered with the New York University (NYU) team to improve data privacy with cryptography.
The foundation announced that the partnership will see both parties work together to explore verifiable databases and their applications in public blockchains to improve privacy.
Using tools from modern cryptography, the NYU team will focus on creating solutions that will address basic matters such as the designing of private blockchains on top of public blockchains, and the building of privacy-preserving, ordered verifiable databases.
Yevgeni Dodis, leader of the NYU cryptography team believes that modern cryptography offers opportunities to address challenges such as privacy, security, integrity and availability of data, hence the reason for the partnership with Algorand.
“Part of our research will focus on how distributed implementations for private verifiable databases could work for Algorand’s (Pure Proof of Stake (PPOS)) Protocol,” Dodis said.
This is not the first time Algorand has partnered with organizations for crypto/blockchain related purposes. Over the years, the blockchain project has signed significant partnership deals with major companies.
In September last year, US-based investment firm SkyBridge Capital inked a deal with Algorand for a $250 million fund.
The fund was set up to boost blockchain adoption by targeting financial institutions and onboarding them on the Algorand blockchain to securitize their managed assets such as property, corporate securities, venture capital, non-Fungible Tokens (NFTs) and other alternative assets.
Earlier this year, the Algorand Foundation signed a three-year partnership deal with Italy’s Università Bocconi to establish the Algorand Fintech Lab, an initiative that will focus on the study of several crypto-related topics.
Meanwhile, the latest partnership announcement has had little effect on ALGO, Algorand’s native token. Like the rest of the crypto market, ALGO is seeing a 7.10% loss in value and was trading at approximately $0.8 per coin.
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