Singapore-based Jupiter Chain and Deloitte have formed a strategic collaboration to implement in Southeast Asia an innovative data exchange which provides consumers with a fully transparent avenue for monetising their data by connecting with businesses on the blockchain. The partnership will leverage the strength of Jupiter Chain's blockchain solutions along with the breadth and depth of Deloitte's technology and regulatory risk management services designed to improve business capabilities in the areas of technology, risk, governance, compliance and regulation. This style of exchange is seen as the next wave of data mining, in the wake of recent scandals involving unauthorised use of data and stricter regulations around the ownership and portability of data.
Set to change the way data is handled, shared and monetised, the data exchange platform developed by Jupiter Chain will allow exchanges to happen securely, protecting the privacy of the individual's personal information. Data owners will have greater control over their data, gain better access to tailored services and be rewarded directly for their data contributions.
In turn, Deloitte will advise on relevant regulations such as data laws and potential GDPR considerations for the data exchange model envisioned by Jupiter Chain, 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; the first of its kind between Deloitte in Southeast Asia and a blockchain company.
"We look forward to working with a globally renowned and respected brand such as Deloitte to elevate our platform solution. I strongly believe that this strategic relationship will fuel the development of not only Jupiter Chain but the adoption of blockchain technology on a wider scale," said Miss Daphne Ng, CEO of Jupiter Chain.
"Deloitte is at the forefront of technological innovation for business growth and we view blockchain as an important enabler with the potential to exponentially change the way markets operate," said Mr. Eden Spivakovsky, Deloitte Singapore Risk Advisory Director, who leads this relationship for Deloitte in Southeast Asia.
He added, "We are excited to team with Jupiter Chain and together build blockchain capabilities and deliver quality solutions to clients in Southeast Asia. Our combined expertise will allow us to drive innovation through the use of blockchain technologies and solve complex business problems for companies in the region."