Professional Diversity Network, Inc. Announces Partnership with Phala Network to Develop Privacy-Protecting Blockchain Application
Professional Diversity Network, Inc. (NASDAQ: IPDN), (“PDN” or the “Company”), a developer and operator of online and in-person networks that provide access to networking, training, educational and employment opportunities for diverse individuals, today announced its partnership with Phala Network, an innovative technology company that specializes in confidentiality-preserving and privacy-first blockchain application development.
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Blockchain technology is known for its decentralization and irreversible features that guarantee secured transactions over consensus algorithms; however, the biggest pitfall is its lack of confidentiality. Phala Network uses the technology of Trusted Execution Environment (TEE) to create a Privacy Cloud Platform that could process general-purpose computing with Turing-completeness.
PDN being one of the largest diverse networks in the nation, how to improve the efficiency of matching qualified job seekers with employers and reduce the costs and resources for employers to find the right talent has always been its top priority. “We are excited to partner with Phala Network to explore potential integration of substrate-based, confidential smart contract blockchain technology into our PDN network, which could potentially enhance our delivery rate and protect network users’ and clients’ privacy from data-mining,” said Adam He, CEO of PDN.
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