Former Symphony COO joins Cardano builder IOG as CEO of new Midnight blockchain project

Software research and development company Input Output Global, Inc (IOG) – one of the builders behind blockchain platform Cardano – has appointed Eran Barak as CEO of Midnight, its new data-protection focused protocol. 

Barak has previously held senior roles in the financial services industry. Most recently, he helped establish and served as chief operating officer at compliance-enabling financial services workflows company Symphony.

He also helped establish FINOS (Fintech Open Source Foundation) – an organisation driving open source solutions for financial services.

In his new role at IOG, Barak will lead and build out the business unit building Midnight – a new blockchain protocol announced at the end of last year. 

Currently in development, Midnight is a platform for global scale applications with principles and integrity. Targeted at developers, companies, governments, and individuals, Midnight utilizes a novel data protection-first programming model to allow users to operate more safely and securely.

The platform will use zero-knowledge cryptography (ZK Proofs) and a combination of private and public computation to create a trustless ecosystem that safeguards sensitive personal and commercial data while meeting compliance needs. Use cases may include financial workflows, healthcare records, supply chain activities, etc. 

Midnight will operate as a sidechain of the popular Cardano blockchain, inheriting its security and decentralised qualities while significantly extending Cardano’s utility, opening up valuable new use cases for individuals and organisations looking to transact, publish or share sensitive data. 

“Since its founding, IOG has continued to push the boundaries of innovation in the blockchain space. Midnight looks to not only challenge assumptions of what digital identity and personal ownership of data entails, but to give users the tools they need to architect confidential systems,” said Charles Hoskinson, CEO and co-founder at IOG.

“Midnight will enable governments, corporations, and consumers alike the freedom to decide what data is made public, while operating in a secure and compliant way.

“Bringing a product like Midnight to market requires someone who understands the heart of the product and the benefits it will bring to a global, digital ecosystem. Eran’s track record in building businesses and championing transformative technology in financial services makes him the perfect fit as we continue the journey in bringing a truly revolutionary product to market.”

Eran Barak, CEO Midnight at IOG, added: “With its commitment to rigor, research and world-class engineering, IOG has rightly built a reputation as a leader in the blockchain space.

“In Midnight, IOG has built a ground breaking technology, addressing market needs by delivering on the trifecta of risk & compliance, world-class performance and cost predictability. I am excited to be joining this fantastic team, and help bring Midnight’s vision to market.”