Deloitte & Jupiter Chain Teams Up on a Blockchain Powered Data Exchangeby Fintech News Singapore September 19, 2018
Jupiter Chain, a Singapore-based data exchange platform utilising blockchain, has partnered up with Deloitte to create a Southeast Asian data exchange platform. The platform would serve as a fully transparent avenue for businesses to monetise their data.
The partnership, using Jupiter Chain’s blockchain solutions along with Deloitte’s technology and regulatory risk management services aims to improve business capabilities in the areas of technology, risk, governance, compliance and regulation.
Both companies see this style of exchange as the next wave of data mining, in the wake of recent scandals involving unauthorized use of data and stricter regulations around the ownership and portability of data. The solution aims to change the way that data is handled, shared and monetised.
The joint blockchain project should allow for any data exchange to happen with Jupiter Chain’s security protocols in place, which would help maintain the privacy of the individual’s personal information. The goal is for data owners take more control over what they have, gain access to specific services and even be given monetary rewards for sharing their data.
In turn, Deloitte will advise on relevant regulations such as data laws and potential GDPR considerations for the data exchange model, and on the technical front, Deloitte will review Jupiter Chain’s blockchain architecture, design, and processes.
This relationship also has a research and technical collaboration component that will see Deloitte become one of the validating nodes on Jupiter Chain’s network.
Featured image via Freepik